McGlone warns of $10K Bitcoin scenario, hinges outlook on $75K reclaim

Bloomberg Intelligence’s Mike McGlone is again flagging a potential deep decline in bitcoin, arguing the asset could revisit $10,000 unless it can decisively move back above $75,000.

The bearish projection has circulated for some time, but McGlone now anchors it to a clear technical trigger. In his framework, reclaiming and holding $75,000 would invalidate the downside thesis. Failing to do so, however, keeps bitcoin on a path where a sharper, longer-term correction remains possible.

His view is based on structural considerations rather than short-term market drivers. Before the surge in global liquidity following the COVID-19 crash, bitcoin spent an extended period consolidating around $10,000. The subsequent wave of monetary easing—marked by near-zero rates and large-scale stimulus—helped push prices far beyond that range and fueled a broad rally in risk assets.

With those conditions now fading, McGlone suggests bitcoin could drift back toward what he sees as its historical equilibrium. He emphasizes that $10,000 has been one of the most actively traded price levels since 2017, when CME bitcoin futures launched, making it a significant zone of accumulated market activity.

He also points to the changing structure of the crypto market. Bitcoin’s dominance has weakened as the number of competing tokens has expanded, drawing capital across a wider ecosystem. In his view, this growing supply base acts as a structural headwind, with stablecoins emerging as one of the most durable trends within the space.

The $75,000 level remains the key battleground. It has repeatedly acted as both resistance and support over the past year and aligns with important technical retracement levels. A sustained break above it would indicate renewed demand strength and potentially signal a shift away from the broader downtrend that followed bitcoin’s peak above $126,000.

Until such a move occurs, McGlone maintains that downside risks persist, with a return to $10,000 still within the realm of possibility.