Bitcoin rebound is a bear-market bounce as McGlone maintains $10,000 downside view

Bitcoin’s recovery has the hallmarks of a bear-market bounce, with weak returns relative to stocks and pressure from Federal Reserve tightening leaving further downside risk, according to Mike McGlone. In an October 22 interview with Bitcoin Magazine, the Bloomberg Intelligence senior commodity strategist said he had maintained a firmly bearish view since Bitcoin exceeded $100,000 in the first quarter of 2025. He reiterated that the price could lose a zero from that level, implying $10,000, saying he had no reason to withdraw that assessment. McGlone pointed to a mismatch between returns and risk.