Could Bitcoin fall to $10,000?
Bloomberg Intelligence strategist Mike McGlone says Bitcoin could still fall to US$10,000 if it fails to decisively reclaim and hold US$75,000, arguing that level now serves as the key threshold separating a renewed uptrend from a deeper structural decline.
In a report on April 6, McGlone said his bearish view is rooted less in near-term catalysts than in market structure. He argues Bitcoin’s long-term equilibrium price may be closer to US$10,000, noting the token traded around that level for an extended period before the wave of pandemic-era liquidity helped push it sharply higher. He also described US$10,000 as one of Bitcoin’s most heavily traded price zones since CME futures launched in 2017.
He further argued that the broader crypto market has changed materially, with millions of rival tokens now competing for capital that once flowed more directly to Bitcoin. In McGlone’s view, that expanding supply base has become a structural headwind, while stablecoins represent the more durable trend within digital assets.
The bearish case, however, depends on Bitcoin staying below US$75,000. McGlone said a sustained move above that level would invalidate his call by signalling that demand has reasserted itself strongly enough to break the downtrend.
If that does not happen, he believes the path of least resistance remains lower.
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Rod Weatherbie
Writer
Rod Weatherbie is a journalist based in Prince Edward Island. Since 2004, he has written extensively about the Canadian property and casualty insurance landscape. He was also a founder and contributing editor for a Toronto-based arts website and a PEI-based food magazine. His fiction and poetry have been featured in The Fiddlehead, The Antigonish Review, and Juniper.