Bitcoin Could Revisit $10,000 as Demand Drivers Fade, Says Bloomberg Intelligence

Bitcoin may face a sharp correction that could eventually push prices back toward the $10,000 level, according to Bloomberg Intelligence strategist Mike McGlone. His outlook is rooted in shifting supply-and-demand dynamics, weakening capital inflows, and structural changes in the broader crypto market rather than ideology or sentiment.

McGlone argues that Bitcoin’s strongest price rallies historically followed clear accumulation phases, where large buyers entered early, absorbed available supply, and reduced the need for constant new demand. These periods allowed prices to rise organically, supported by long-term holders rather than speculative inflows. Once those accumulation phases ended, price stability became increasingly fragile.

Bitcoin last traded around $10,000 in 2020, a period marked by aggressive corporate accumulation. Companies led by Michael Saylor began adding Bitcoin to their balance sheets, significantly tightening supply and fueling a sustained rally. As prices climbed, late entrants followed, often driven by momentum rather than fresh demand. This dynamic extended the rally while selling pressure remained limited.

Another major boost came with the approval of spot Bitcoin ETFs, which opened the market to traditional investors and delivered strong initial inflows. However, McGlone notes that this wave of demand has slowed considerably. Corporate buying has also stalled, while early holders still control a large share of Bitcoin’s supply. With substantial unrealized profits, these holders could become sellers during periods of market stress.

McGlone also points to structural shifts, highlighting that millions of cryptocurrencies now compete for investor capital. Unlike Bitcoin’s early years, capital is no longer concentrated in a single asset but spread across thousands of tokens. He compares the current setup to equity markets before 2007, when prices stayed elevated despite weakening fundamentals until buyers ran out.

Even Michael Saylor’s Strategy, which holds over 670,000 Bitcoin at an average cost near $75,000, may not provide further support, as that capital is already deployed. From McGlone’s perspective, the absence of steady replacement demand makes a deeper Bitcoin reset toward $10,000 a realistic long-term risk.