Senior commodity strategist at Bloomberg Mike McGlone has said that Bitcoin could drop to $10,000 if US stocks go through a lengthy 20% correction.
The bearish view is based on the idea that Bitcoin has lost its former edge as a speculative asset and remains exposed to tighter monetary policy and a broader market sell-off.
McGlone Warns Bitcoin Could Lose Another Zero
McGlone, who has maintained a bearish stance since Bitcoin climbed above $100,000 in early 2025, described the cryptocurrency’s recent recovery as a “bear market bounce.” He argued that its performance has weakened since spot Bitcoin exchange-traded funds (ETFs) brought the asset further into mainstream finance.
“Bitcoin can easily drop a zero, get down to $10,000, on one key thing that hasn’t happened yet,” he remarked.
The strategist identified a sustained 20% decline in the S&P 500 as the condition that could trigger another major Bitcoin sell-off to pull it back to those levels. He believes a prolonged equity correction could expose the vulnerability of cryptocurrencies and other assets that tend to move with stocks
McGlone also compared Bitcoin’s performance with traditional equities. In the interview, he noted that BTC had fallen 7% year to date while the S&P 500 had gained 13%. Across two years, Bitcoin had gained 21%, compared with a 47% advance for the US stock index.
He described Bitcoin as a “stock puppet,” arguing that its high volatility and relationship with equities make it less attractive on a risk-adjusted basis. The analyst also warned that Federal Reserve tightening could weigh on speculative assets as investors reassess the returns available from bonds.
McGlone also waved off BlackRock and JPMorgan forecasts of roughly 10% annual returns for Bitcoin, calling those firms sell-side players “trying to sell products.”
Bitcoin Holds Near $82,000 While ETF Buyers Return
BTC was trading close to $82,000 at the time of writing, down 1% in the last 24 hours, with a 30-day decline of about 6% and a position roughly 35% below its all-time high of over $126,000. As CryptoPotato reported earlier, the price was rejected just under $85,000 on Wednesday after hitting a two-week high, about a week after a dip below $80,000 on inflation fears.
Meanwhile, spot Bitcoin funds posted three straight days of inflows, including over $528 million on October 21, the highest since September 22, when the products drew in close to $715 million. However, yesterday saw the first reversal this week, with over $635 million bleeding out of the funds led by BlackRock’s IBIT, which recorded at least $254 million of outflows.
Elsewhere, analyst Ali Martinez noted that the TD Sequential, a chart tool that flags possible turning points, printed a buy signal near $85,000. Fellow market watcher Joel Gerla called the structure bullish above $80,000 and warned: “Lose $80K, and it weakens.”
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