According to ChainCatcher, Mike McGlone, Senior Commodities Strategist at Bloomberg Intelligence, said in an interview with Bitcoin Magazine that Bitcoin “could easily drop another zero,” meaning a decline to $10,000 from current levels. He was once among the few Wall Street analysts bullish on Bitcoin reaching $100,000, but has now shifted to a bearish outlook.
McGlone said the launch of Bitcoin ETFs effectively marks the end of this trading phase, with Bitcoin having become a high-beta, non-independent "stock puppet" that is highly correlated with the stock market. He also noted that the market has already priced in three Fed rate hikes, creating headwinds for major assets including Bitcoin, gold, and copper.
The interview also covered topics such as the Middle East energy shock, the U.S. midterm elections, the Russia-Ukraine situation and diesel exports, stablecoins and the GENIUS Act, Tether’s presence in Hong Kong, and asset tokenization. McGlone stated that U.S. Treasuries are his next major trading focus.
Bloomberg analyst predicts Bitcoin could drop to $10,000
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Summary
Bloomberg analyst Mike McGlone said in a recent interview that Bitcoin could drop to $10,000, referencing analysis from ChainCatcher. Once bullish on Bitcoin reaching $100,000, he now views the ETF launch as the end of the cycle. He described Bitcoin as a "stock puppet" with no independent advantage. The market has priced in three Fed rate hikes, which have negatively impacted Bitcoin and other assets. He also discussed energy shocks, U.S. elections, and stablecoin developments. Bitcoin news remains critical for traders.
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