Bitcoin to $10K? Bloomberg Analyst Warns of Brutal Scenario if Stocks Slide 20%

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, 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.