Bitcoin (BTC) faces renewed bearish pressure as Bloomberg senior strategist Mike McGlone revived his $10,000 price target, while geopolitical tensions, whale selling and negative ETF flows keep the leading cryptocurrency pinned near $67,000 amid what one trader called "zero conviction" in the market.
McGlone's $10K Bitcoin Forecast
McGlone posted on social media platform X Thursday, describing the $10,000 level as a long-standing reference point for Bitcoin. He noted that it was a common trading price before the 2020–21 rally and has been among the most frequently traded levels since futures began trading in 2017.
The strategist framed his outlook as a "bursting crypto bubble" scenario.
It stands well outside the consensus. Most market analysts who predict a Bitcoin bottom this year place the floor no lower than $38,000 — nearly four times McGlone's target.
A drop from current levels to $10,000 would represent a roughly 92% decline from Bitcoin's all-time high of $126,000 reached in Oct. 2025. That would take the price materially below the previous bear-market low of around $15,000.
McGlone's thesis also clashes with historical post-Halving patterns. Corrections following Halving rallies have typically produced higher lows compared with prior cycles. Still, McGlone contends that structural and behavioral shifts around the 2020–21 era mean the market could revert to an older norm centered on $10,000.
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Whale Selling and ETF Outflows
Bitcoin was trading at $66,878 at the time of reporting, down about 2.5% in 24 hours. Heightened geopolitical risk has weighed on sentiment.
President Trump's recent remarks suggesting intensified strikes against Iran reduced hopes for a swift de-escalation and pressured risk assets broadly.
"Trump's latest comments on the war with Iran triggered a sharp sell-off amid a lack of de-escalation signs," Alex Kuptsikevich, chief market analyst at FxPro, told Bloomberg, noting Bitcoin's consolidation between roughly $66,000 and $69,000.
CryptoQuant data show that whales have shifted from accumulation to net selling over the past year. "Onchain data confirms what price action has been telegraphing: there's zero conviction," said Jasper De Maere, a trader at Wintermute.
Institutional flows offered no relief either. Net inflows to U.S.-listed spot Bitcoin exchange-traded funds turned negative on Wednesday, with investors withdrawing about $174M from those vehicles.
Peter Schiff's $20K Warning
Separately, vocal critic Peter Schiff warned that Bitcoin could plunge to $20,000 — an 84% decline from its all-time high — if the cryptocurrency fails to hold the $50,000 support level. Schiff urged investors to sell immediately.
The long-time skeptic argued that a break below $50,000 now appears likely.
He pointed to the unprecedented combination of leverage, institutional ownership and market capitalization at stake in the current cycle as reasons this downturn could prove more severe than previous ones.
"Every time Bitcoin makes a new high, pumpers say that kind of volatility is a thing of the past," Schiff wrote. "Then, after the crash, they say, 'Well, that's just how Bitcoin works.'" Earlier this month, Schiff highlighted unrealized losses at Michael Saylor's Strategy as evidence the sell-off had further to run and questioned BTC's viability as a reserve asset for central banks, citing its volatility.
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