Bitcoin Could Crash to $10,000, Warns Bloomberg Strategist Mike McGlone

Bitcoin's Potential Downfall to $10,000

Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has sounded the alarm on Bitcoin's potential collapse to $10,000. Drawing parallels to the 2000s internet bubble, McGlone warns that Bitcoin could face a similar 80% crash, just as the Nasdaq did during that era.

The Internet Bubble Analogy

McGlone highlights that Bitcoin, often hailed as "digital gold," has shown significant volatility. Despite reaching $100,000 earlier this year, it has since dropped to the $80,000 range, while gold prices have surged past $2,950 per ounce. This divergence suggests that Bitcoin's rally may be nearing its peak, much like the tech bubble of the early 2000s.

Gold's Rise and Bitcoin's Struggles

Gold has gained approximately 15% in 2025, driven by geopolitical tensions and economic policies impacting major economies. In contrast, Bitcoin has declined by a similar percentage, trading around $80,000. McGlone notes that while Bitcoin was born during the 2009 financial crisis, its current trajectory resembles the speculative bubble of the dot-com era.

The Impact of Bitcoin ETFs and Geopolitical Factors

The recent launch of the largest Bitcoin ETFs in history and shifting U.S. policies toward crypto have added to the asset's volatility. McGlone cautions that these factors, combined with geopolitical instability, could accelerate Bitcoin's correction, potentially pushing it back to $10,000.

A Risk-Asset Rally Leader

Bitcoin has led one of the greatest risk-asset rallies in history since its inception in 2009. However, McGlone believes this rally may soon reverse, mirroring the fate of the Nasdaq during the dot-com bubble. Investors should remain cautious as Bitcoin's speculative nature and volatility continue to dominate its trajectory.