Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, is warning that Bitcoin (BTC) may collapse into the four figures.
In a new interview with crypto trader Elliot Wainman, McGlone says that Bitcoin could collapse below a $10,000 price level due to its greater acceptance by the traditional financial system and the proliferation of digital assets.
“I do believe that the Bitcoin bear market started with the massive excesses of 2024. We went a little bit higher in 2025. And now we’re heading lower…
Once we got through those ETFs (exchange-traded funds), and once we went through that period of Mr. Trump getting elected and that massive pump in prices, that put in the peak. That was my call. I was early. And now we’re still heading in that hangover period. I think it’s going to last a while, and I don’t think it’s going to end until we purge mass in some of these excesses.”
McGlone says he believes the proliferation of crypto investment options is diluting Bitcoin’s value, despite BTC’s limited supply.
[When Bitcoin] was $10,000, I said it was just going to add a zero. Now when we got to $100,000, I said we drop off the zero. But part of the reason for that is all the massive excess of supply in other cryptos.
I get Bitcoin’s got limited supply, but now it’s in the space. It’s been financialized. It’s been ETFs. You can trade numerous options on it, and it’s no longer an exciting asset. I don’t think people realize that yet.”
McGlone believes Bitcoin may decline by more than 86% its current value, a price level last seen in 2020.
“I’m not looking at [$10,000] as a low. It could even get lower.”
Bitcoin is trading for $69,975 at time of writing, up 2% in the last 24 hours.
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