Mike McGlone, Bloomberg Intelligence’s senior commodity strategist, has warned that Bitcoin could lose a substantial portion of its value and fall to $10,000. The forecast marks a sharp shift from his earlier bullish call that Bitcoin could reach $100,000.
According to Bitcoin Magazine, McGlone discussed the outlook in an interview with Grace Remington and Sean Hagan, linking his bearish view to weakening support from exchange-traded funds, Bitcoin’s close relationship with equities and a Federal Reserve path that markets have priced around three interest-rate increases.
Why McGlone turned bearish
McGlone said the launch of Bitcoin ETFs signaled that the major trade had already run its course. In his assessment, Bitcoin has increasingly behaved like a high-beta stock rather than an asset with a distinct source of strength. He described it as a “stock puppet,” meaning its performance is heavily influenced by movements in the wider equity market.
That relationship matters because a downturn in stocks can put additional pressure on Bitcoin. McGlone’s argument is that Bitcoin’s exposure to risk appetite, combined with macroeconomic pressure across financial markets, leaves it vulnerable to a deep decline. He said the cryptocurrency could “easily drop a zero,” referring to a potential fall to $10,000.
His concerns extend beyond digital assets. The analyst said a Federal Reserve priced for three hikes would create a headwind for Bitcoin, gold and copper alike. Higher interest rates generally affect the appeal and pricing of risk-sensitive assets, although McGlone’s comments were presented as his own market view rather than a forecast endorsed by the Federal Reserve.
Wider macroeconomic risks
The interview also covered several forces McGlone believes could shape markets. These included the Middle East energy crisis and the possibility of a 2027 oil glut, as well as the impact of energy prices on U.S. midterm elections. He also discussed Iran, the Russia-Ukraine conflict, diesel exports and the wheat trade.
The conversation touched on the U.S. government’s debt burden, which McGlone described in the context of $40 trillion of debt, along with the long-term competition between Bitcoin and gold. He also questioned the argument that Bitcoin’s limited supply alone guarantees stronger performance, comparing the cryptocurrency with gold and with stablecoins.
Stablecoins—digital tokens designed to maintain a relatively stable value, often against a fiat currency—were discussed alongside the GENIUS Act, Tether’s activities in Hong Kong and the broader prospect of tokenizing assets. These issues connect cryptocurrency markets with payments regulation and traditional financial infrastructure.
Moneyiar market picture
Moneyiar data at 08:28-08:29 on October 24, 2026, showed Bitcoin at $80,688.263244589, down 1.23% over 24 hours and 1.14% over seven days. Cronos was $0.054910076, down 3.74% in 24 hours and 4.94% over seven days. ONEchain stood at $0.1021102641, down 0.99% over 24 hours and 5.21% over seven days. REAL was $0.1847972829, down 1.92% over 24 hours but up 0.3% over seven days.
McGlone also identified U.S. Treasuries as his next major trade. That statement, like his Bitcoin forecast and comments on rates, reflects his stated market outlook and is not investment advice or a recommendation to buy or sell any asset.
