Bitcoin may be facing far more than a temporary pullback, according to Bloomberg’s Senior Commodity Strategist Mike McGlone. In a recent interview with Cointelegraph, McGlone cautioned that BTC could plunge all the way down to $10,000 as part of a sweeping correction across risk assets.
With macro headwinds mounting, McGlone believes the current financial landscape mirrors the conditions seen ahead of previous major market resets—such as the dot-com crash. He argues that overstretched valuations, excessive speculation, and broader economic imbalances are all pointing toward a deeper downturn.
“The whole space needs purging,” McGlone said, highlighting Dogecoin’s still-lofty $20 billion market cap as an example of ongoing irrational exuberance. “It should go to zero.”
While crypto investors have long positioned Bitcoin as “digital gold,” McGlone believes that narrative is undergoing a serious stress test in the current environment. He specifically called out Bitcoin ETFs, suggesting that many retail participants misunderstood the nature of what they were buying.
“Anybody who bought ETFs is learning the hard way. They did not buy digital gold. They bought more of a value of leveraged beta. That's a fact.”
McGlone’s bearish outlook is also influenced by larger macroeconomic shifts. He points to the disproportionate size of the U.S. stock market relative to GDP—a classic sign of bubble territory.
“Back then, the U.S. stock market was around 1.5 times GDP. We popped up to 2.2. Markets just got too high,” he noted.
External pressures, such as trade tensions and geopolitical uncertainty, are only intensifying the volatility. McGlone referenced the ongoing fallout from former President Donald Trump’s tariff policies as a contributor to the current market malaise.
Despite the grim forecast, McGlone didn’t rule out selective opportunities for savvy traders. However, he emphasized that any recovery is more likely to be prolonged and painful—nothing like the rapid rebound seen in the aftermath of the COVID-19 crash.
For a deeper dive into McGlone’s full analysis and predictions, the full interview is available on Cointelegraph’s YouTube channel.
