Bloomberg strategist reiterates Bitcoin could fall below $10,000; industry disputes prediction

ChainCatcher report, according to CoinDesk, senior commodities strategist Mike McGlone of Bloomberg Intelligence reiterated his bearish view that Bitcoin could fall below $10,000, suggesting the crypto market remains in a macro-driven long-term correction. McGlone noted that as institutional participation increases, Bitcoin’s correlation with speculative assets has strengthened, undermining its role as a hedge unrelated to traditional markets, and that the current market must undergo a purge of excessive speculation. Several analysts have countered this view. The CEO of Quantum Economics stated that for Bitcoin to reach $10,000, extreme events such as a global liquidity crisis, nuclear war, and internet shutdown would be required. An analyst at AdLunam suggested that a drop to $28,000 would likely require global liquidity contraction or broader financial stress events. A senior market analyst at PrimeXBT expects Bitcoin to consolidate between $60,000 and $70,000, with the next major accumulation zone potentially occurring between $30,000 and $40,000—but a drop to $10,000 is highly unlikely. Some analysts point out that Bitcoin completed its primary bear market correction in 2022; current prices are down approximately 50% from all-time highs and may have already reached a bottom.