Bloomberg: Bitcoin Could Fall to $10,000

Bitcoin could plunge as low as $10,000, according to a forecast by Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence. If this scenario were to play out, it would represent an approximately 86% decline from the cryptocurrency’s all-time highs.

McGlone believes the cryptocurrency market has entered a broader correction phase that may last longer than many investors expect. One of the key warning signs, in his view, is the increasingly weak performance of crypto assets compared to major U.S. stock markets.

Additional concerns stem from the Bloomberg Galaxy Crypto Index, which tracks the overall health of the cryptocurrency market. At the end of May, the index fell below the 2,000-point mark, losing roughly half of its value compared to its 2025 peak.

The analyst compares the current market environment to the downturn of 2018. After an extended period of losses, Bitcoin eventually dropped to around $3,000. According to McGlone, today’s market is even more competitive, as investors can choose from millions of different tokens competing for the same pool of capital.

However, Bloomberg’s bearish outlook has not convinced many figures within the cryptocurrency industry. Critics point out that similar pessimistic predictions have been made in the past and failed to materialize.

The most frequently cited counterargument is the growing influence of Bitcoin exchange-traded funds (ETFs). Investment products launched by BlackRock and Fidelity have attracted billions of dollars, creating a significant source of demand that did not exist during previous market downturns.

Some analysts also argue that the current challenges primarily affect speculative altcoins rather than Bitcoin itself. During periods of uncertainty, investors often shift capital into the largest cryptocurrency, strengthening its position within the market.

McGlone himself acknowledges that the bearish scenario is far from certain. In his view, the key level to watch is $75,000. If Bitcoin manages to reclaim and hold above that threshold, the forecast of a major decline could lose credibility.

For now, however, Bitcoin has fallen below $72,000, keeping concerns about further downside pressure alive.