Mike McGlone Sees a Hurricane: Bitcoin Could Blow Down to $10K This Year

Bloomberg Intelligence Senior Commodities Strategist Mike McGlone isn't mincing words—Bitcoin could plunge to $10,000 as the pandemic-era crypto boom unwinds. In a LinkedIn post, McGlone called it 'the biggest money pump in history may be unwinding,' with the digital asset poised to fall to its lowest since July 2020—a milestone it crossed roughly 69 months ago. Buckle up, degens.

With Bitcoin changing hands around $70,000, the crypto would need to plummet more than 85% to hit $10,000. At that price, its market cap would be close to $200 billion. McGlone acknowledged Bitcoin could prove him wrong if it holds above $75,000, calling that a key threshold. Last month, Bitcoin jumped to $75,600 amid geopolitical tensions before retreating. That's a lot of red candles waiting to happen.

In his post, McGlone noted that $10,000 is Bitcoin's 'most traded price since 2017,' when regulated futures launched on Cboe and CME. He pointed out that countless cryptocurrencies—'with only a few tracking tangible value'—have launched since then. Somewhere, a altcoin dev is crying into their governance token.

During The Wolf Of All Streets Podcast with Scott Melker, McGlone didn't hold back: 'I see a hurricane coming in, and it's my duty to warn you. Don't reject the bear, just accept it.' Since Bitcoin hit an all-time high above $126,000 in October, it's down 45%. That's not a correction, that's a cliff dive with a parachute that might not open.

McGlone also argued Bitcoin is suffering from the proliferation of other cryptos, including meme coins like Dogecoin and Shiba Inu that 'should be purged down to zero.' He thinks Bitcoin's financialization through ETFs means 'Bitcoin is no longer exciting.' He also wagered that Tether's USDT, currently worth $184 billion, could eventually become the dominant digital asset by market cap. The stablecoin becoming the king? That's like the janitor running the office.

Meanwhile, Strategy bought 4,871 BTC for $330 million last week, growing its treasury to nearly 767,000 Bitcoin—about $53.3 billion. BitMine Immersion Technologies added 71,252 ETH ($152 million) to its holdings, bringing its total to over 4.8 million ETH. Corporate treasury plays continue like there's no tomorrow. Or maybe exactly because of tomorrow.

Bitcoin and broader markets climbed in early Asian and London trading Monday after reports of potential ceasefire talks between the U.S. and Iran. The leading crypto hit a weekly high of $69,350, currently trading at $69,245, up 3.5% on the day. Geopolitics: the only thing that moves crypto more than Elon tweets.

Elsewhere, publicly traded Bitcoin miner MARA cut its workforce by 15% shortly after selling $1.1 billion worth of Bitcoin. Nothing says "bullish" like trimming headcount after dumping the stash.