Bloomberg: Bitcoin could fall to $10,000

Bloomberg strategist Mike McGlone believes Bitcoin could lose as much as 90% from its cycle peak, potentially dropping to the $10,000 level. In his view, $50,000 should not be considered a solid floor, but rather a waypoint in a broader “mean reversion” that could unfold more aggressively in the year ahead.

McGlone argues that 2025 likely marked the definitive top of the Bitcoin cycle, with 2026 shaping up as a period of severe adjustment. The $10,000 target is seen as a “normal” valuation, roughly in line with where Bitcoin traded before the post-2020 era of speculative excess and abundant liquidity.

He also challenges Bitcoin’s scarcity narrative, stating that gold is fundamentally scarce, while the crypto asset class is inflationary and effectively limitless as new digital assets continue to emerge, diluting incoming capital. Notably, McGlone was once among the most bullish institutional voices on Bitcoin, long promoting the idea that it would reach $100,000. However, he has since abandoned the “digital gold” thesis, pointing to a divergence in which gold has hit record highs while Bitcoin has struggled to keep pace. According to McGlone, a potential deflationary recession would favor cash over risk assets, reinforcing his bearish outlook.