Bitcoin's $70K Comeback Gets the Side-Eye: McGlone Yells 'See You at $10K' While Demand Data Whispers 'Uh Oh'

Bitcoin is once again flirting with the $70,000 level after spending about eleven days below it. But before bulls break out the champagne and start tweeting "new ATH soon," the market is serving up some mixed signals that warrant a closer look—or at least a suspicious squint.

First up: the demand situation. Bitcoin Apparent Demand—a metric that measures whether newly issued supply is actually being absorbed—has dropped to negative 86,000 BTC, worth approximately $5.95 billion at press time. That's the weakest reading in over a month. In plain English: there's more Bitcoin being minted than people actually want to buy. Not exactly a ringing endorsement of bullish momentum. It's like showing up to a party with more pizza than guests, except the guests are degens and the pizza is BTC.

Adding to the unease, long-term holders appear to be offloading. CryptoQuant's Binary Coin Days Destroyed (CDD) metric has hit 1, signaling that older coins are moving—an event typically associated with selling activity from the hodler crowd. If this behavior sticks around, it could drag on price further. Nothing says "I believe in the future of money" quite like your uncle's cold wallet suddenly waking up after a three-year nap to sell.

But wait, there's a twist. Whales are doing the opposite. Large holders have been increasing their presence, dominating trading activity across major exchanges and accounting for a significant share of volume. Their orders have been a key driver of short-term momentum as Bitcoin attempts its recovery. Because nothing says "confident market" like giant entities eating up the order book while regular traders watch from the sidelines like kids peering through a candy shop window.

So we've got long-term holders distributing, retail pulling back, but whales stepping in. Classic divergence. It's the crypto equivalent of watching your parents argue about where to go for dinner while your rich uncle slips you a twenty.

Meanwhile, over on the macro outlook front, Bloomberg Senior Commodities Strategist Mike McGlone is painting a rather gloomy picture. He's calling one of the biggest bubbles in stock market history underway, expecting a 50-70% correction in the S&P 500. And Bitcoin? He says it could fall to the $10,000 level if that plays out. Bold take. Bold enough to trend on Twitter for three hours.

Former CoinRoutes CEO Dave Weisberger wasn't having it, calling the $10,000 prediction "clickbait." He pointed out that Bitcoin bounced back from $16,000 during the major bankruptcies of 2022—FTX, Celsius, the whole circus—and argued that $10,000 is unrealistic given current money supply and institutional adoption. Weisberger reckons governments printing money will keep asset prices nominally high, making an inflationary cycle more likely than a deflationary collapse. Basically: "They'll just print more, bro."

CIO and Macro Strategist James Lavish added that markets have become "numb" to political noise and geopolitical risks are largely priced in. If a collapse does happen, central banks will just print more money to rescue the system—and that liquidity would protect asset prices, including Bitcoin. Because when in doubt, the answer is always more money printer go brrr.

So there you have it: Bitcoin trying to reclaim $70K, demand data looking shaky, whales playing both sides, and analysts arguing over whether we're headed to $10K or just printing forever. Buckle up. It's going to be a wild ride, and by "wild" we mean "another week of Twitter wars and price action that makes no sense."

*This is not investment advice.