Bloomberg Strategist: Bitcoin Could Fall to $10,000

▲ Bitcoin Plunge

A warning has been raised that the price of Bitcoin (BTC) could replicate historic cases of massive bubble collapses and plunge to $10,000—one-tenth of its current value.

According to cryptocurrency media outlet CryptoPotato on February 16 (local time), Bloomberg Intelligence Senior Commodity Strategist Mike McGlone diagnosed the virtual asset market as being in a dangerous bubble phase driven by excess liquidity. McGlone analyzed that Bitcoin could fall more than 90% from its all-time high, dropping to around $10,000. He explained that such a downturn would be an inevitable consequence of the unwinding of excessive leverage in the market.

McGlone projected that Bitcoin could undergo a massive correction, potentially changing its price’s leading digit from its January 2025 peak of $109,000. This would mirror the pattern seen in 2011, when Bitcoin plunged 92% from its previous high. “The current market is showing warning signs similar to those seen during the 1929 stock market crash and the 2000 dot-com bubble,” McGlone emphasized.

In contrast to the weakness in the virtual asset market, the strong upward trend in gold prices—considered a safe-haven asset—was cited as key evidence of a potential bubble burst. McGlone highlighted that while gold has risen 15% in 2025, Bitcoin has failed to escape its downward trend. This reflects a broader macroeconomic shift in which capital is moving away from high-risk assets like cryptocurrencies into traditional safe-haven assets.

Bitcoin’s high correlation with the stock market also poses a serious threat to its price. McGlone warned that if the S&P 500 were to undergo a correction of around 6%, selling pressure on Bitcoin could escalate uncontrollably. Given cryptocurrencies’ tendency to move in tandem with high-risk equities, a decline in the stock market could become the decisive trigger that drives Bitcoin down to the $10,000 level.

There is a prevailing assessment that Bitcoin has failed to prove its value as digital gold and is instead revealing the limitations of a speculative asset. McGlone predicted that Bitcoin would suffer the greatest blow as speculative excess across the broader market unwinds. Investors should focus on thorough risk management to protect their assets in preparation for an unprecedented downturn rather than relying on temporary rebounds.

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