Bloomberg strategist Mike McGlone says Bitcoin could fall to $10,000 if US stocks go through a lengthy 20% correction. He argues that mainstream adoption through ETFs has left the asset more exposed to familiar market risks.
Bloomberg senior commodity strategist Mike McGlone said Bitcoin could drop to $10,000 if US stocks go through a lengthy 20% correction. His bearish view rests on the idea that Bitcoin has lost its former edge as a speculative asset and remains exposed to tighter monetary policy and a broader market sell-off.
The 20% stock decline that could trigger a Bitcoin sell-off
McGlone has maintained a bearish stance since Bitcoin climbed above $100,000 in early 2025. He described the recent recovery as a bear market bounce and argued that performance has weakened since spot Bitcoin exchange-traded funds brought the asset further into mainstream finance.
He named a sustained 20% decline in the S&P 500 as the condition that could pull Bitcoin back to those levels. According to McGlone: "Bitcoin can easily drop a zero, get down to $10,000" on one key thing that has not happened yet.
Bitcoin trails the S&P 500
McGlone also compared Bitcoin with equities. In the interview, he noted that BTC had fallen 7% year to date while the S&P 500 had gained 13%. Across two years, Bitcoin had gained 21%, compared with a 47% advance for the US stock index.
He described Bitcoin as a stock puppet, arguing that its high volatility and relationship with equities make it less attractive on a risk-adjusted basis. The analyst also warned that Federal Reserve tightening could weigh on speculative assets as investors reassess the returns available from bonds.
Finally, McGlone waved off BlackRock and JPMorgan forecasts of roughly 10% annual returns for Bitcoin, calling those sell-side firms players trying to sell products.
Source: CryptoPotato
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