Bloomberg's McGlone to Bitcoin: $10K Is on the Table—But Only If Wall Street Keeps Holding On

Bloomberg senior commodities strategist Mike McGlone dropped some not-so-rosy thoughts on Bitcoin and the broader crypto market, and let's just say the hopium supply is looking thin. The gist? Macroeconomic headwinds are putting the squeeze on risky assets, and the idea of Bitcoin visiting the $10,000 neighborhood in the long term is gaining traction in conversations—like that friend who keeps bringing up their crypto gains at parties, except this time it's crypto losses and the party is the global economy.

"Bitcoin Will Only Stabilize If US Stocks Remain Strong"

According to McGlone, the resilience of US equity markets is the linchpin here. Bitcoin could find its footing under certain conditions—but that hinges on stocks keeping their game strong. Basically, BTC is waiting for its older sibling to finish dealing with mom and dad before it can ask for allowance money. He also pointed out that the current calm in US stock markets despite rising risk signals in commodities like gold and oil is pretty much a historical unicorn—rarer than a DeFi protocol that actually makes money.

On top of that, McGlone drew parallels to the lead-up to the 2008 financial crisis. Rising oil prices have historically been a precursor to recessions, and he sees a similar script potentially playing out. Energy market moves are basically the canary in the coal mine for the global economy, in his view—or perhaps the canary that's already been eaten by the cat, depending on how bearish you're feeling.

The analyst also laid out his "normalization" roadmap for 2026: WTI crude potentially heading toward $40, copper toward $4, US Treasury yields toward 4%, gold toward $4,000, and silver toward $50. For those keeping score at home, that's a lot of assets going in directions that would make your average portfolio manager break out in a cold sweat.

When it comes to crypto, McGlone brought up Michael Saylor's famous line—"We buy Bitcoin with money we can't afford to lose"—noting that such YOLO-style conviction is very much a product of excessive risk appetite periods. He gave props to MicroStrategy for being the OG in the space with its Bitcoin treasury strategy. Say what you will about the man, but the guy committed to the bit harder than most.

*This is not investment advice.