Bitcoin price may be on the cusp of a devastating collapse, according to Bloomberg Intelligence Senior Commodity Strategist Mike McGlone.
In two separate X posts on Friday, March 14, McGlone argued that Bitcoin could crash to $10,000.
For context, a crash to $10,000 will represent a 91% decline from Bitcoin’s January 2025 all-time high of $109,000 and an 88% decline from its current price of about $83,000.
The last time Bitcoin saw such a deep correction was in 2011 when it crashed as much as 92% from its highs.
McGlone highlighted that Bitcoin was born when the stock market bottomed from the 2008 financial crisis and has led “one of the greatest risk-asset rallies in history,” but suggested that this rally may now be at an end.
In a separate post, the Bloomberg analyst called attention to the record Bitcoin exchange-traded fund launch and President Donald Trump’s pro-crypto shift and argued that the digital asset was at the peak of a dot-com-style bubble.
Bitcoin Back to $10,000? Peak Leveraged Beta Risks, Rising Gold – #Gold is up about the same amount in 2025 to March 13 — about 15% — that #Bitcoin is down. But with Bitcoin at about $80,000, what stops those trajectories? About a 6% decline in the S&P 500 could suggest what… pic.twitter.com/aMgL0LANFt
— Mike McGlone (@mikemcglone11) March 14, 2025
Meanwhile, the analyst suggests that the crash to $10,000 may have already begun. The sign? Risk markets are showing evidence of overheating while gold rises.
“Gold is up about the same amount in 2025 to March 13 — about 15% — that Bitcoin is down. But with Bitcoin at about $80,000, what stops those trajectories?” McGlone wrote.
Unsurprisingly, McGlone’s analysis has triggered a wave of pushback from Bitcoin and crypto proponents.
A Flawed Perspective?
Responding to McGlone, prominent market analyst David Weisberger argued that the basis of the Bloomberg strategist’s analysis was flawed.
When one considers an option as an asset, THIS is what happens to ones analysis…
IF there was ZERO increase in Bitcoin adoption and IF those who invested thinking Bitcoin will demonetize gold change their minds and IF the stock market correction turns into a rout, and IF…
— Dave W (@daveweisberger1) March 14, 2025
“When one considers an option as an asset, THIS is what happens to one’s analysis,” he wrote.
“IF there was ZERO increase in Bitcoin adoption and IF those who invested thinking Bitcoin will demonetize gold change their minds and IF the stock market correction turns into a rout, and IF ‘BETA’ was stable, THEN this scenario could play out,” Weisberger added.
According to him, however, none of this will happen with the likelihood of a stock market crash. A stock market crash will likely trigger an injection of liquidity to support the market, which will still benefit Bitcoin.
Meanwhile, a Bitcoin maximalist, Joe Buchner, argued that if Bitcoin crashed to $10,000, the world would likely have bigger problems to worry about.
“If BTC dropped to 10k I think we’d be in a larger global issue than worrying about that. WWIII maybe would be in play and even then I think BTC would get flooded with $ for safety,” he wrote.
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