Bloomberg Strategist Mike McGlone Predicts Bitcoin Crash to $10K Amid Market Reversion

Bloomberg senior commodity strategist Mike McGlone has reiterated his ultra-bearish Bitcoin price forecast, claiming a plunge to $10,000 is a "simple reversion to the mean." McGlone argues that Bitcoin has been riding the coattails of the U.S. stock market’s record-breaking rally and lacks the stability often associated with safe-haven assets.

Despite Bitcoin reaching an all-time high of $108,786, McGlone insists the surge is unsustainable. He views the recent spot Bitcoin ETF approvals as a classic signal of a market top, stating, “A massive ETF launch often marks a peak.” According to him, Bitcoin trades at triple the volatility of gold and the S&P 500—far from the characteristics of a true safe-haven asset. “People are learning that the hard way,” he said in a recent interview with Barnett Energy.

McGlone also highlighted gold’s ongoing dominance in 2025, noting it recently hit an all-time high of $3,171. He considers gold’s performance a warning sign for risk assets like Bitcoin. “When you see gold beating everything, that’s the red flag,” McGlone added.

His prediction aligns with long-time Bitcoin critic Peter Schiff, who also forecasts a dramatic correction down to $10,000, potentially wiping out up to 90% of BTC’s value.

While the crypto market continues to recover, McGlone remains skeptical of Bitcoin’s long-term resilience, suggesting that its current valuation is heavily influenced by speculative hype rather than fundamental strength.

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