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.<\/p>\n
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.<\/p>\n
McGlone, who has maintained a bearish stance since Bitcoin climbed above $100,000 in early 2025, described<\/a> the cryptocurrency\u2019s recent recovery as a \u201cbear market bounce.\u201d He argued that its performance has weakened since spot Bitcoin exchange-traded funds (ETFs) brought the asset further into mainstream finance.<\/p>\n \u201cBitcoin can easily drop a zero, get down to $10,000, on one key thing that hasn\u2019t happened yet,\u201d he remarked.<\/p>\n The strategist identified a sustained 20% decline in the S&P 500 as the condition that could trigger another major Bitcoin sell-off to pull it back to those levels. He believes a prolonged equity correction could expose the vulnerability of cryptocurrencies and other assets that tend to move with stocks<\/p>\n McGlone also compared Bitcoin\u2019s performance with traditional equities. In the interview, he noted that BTC had fallen 7% year to date while the S&P 500 had gained 13%. Across two years, Bitcoin had gained 21%, compared with a 47% advance for the US stock index.<\/p>\n He described Bitcoin as a \u201cstock puppet,\u201d arguing that its high volatility and relationship with equities make it less attractive on a risk-adjusted basis. The analyst also warned that Federal Reserve tightening could weigh on speculative assets as investors reassess the returns available from bonds.<\/p>\n McGlone also waved off BlackRock and JPMorgan forecasts of roughly 10% annual returns for Bitcoin, calling those firms sell-side players \u201ctrying to sell products.\u201d<\/p>\n BTC was trading close to $82,000 at the time of writing, down 1% in the last 24 hours, with a 30-day decline of about 6% and a position roughly 35% below its all-time high of over $126,000. As CryptoPotato<\/em> reported earlier, the price was rejected<\/a> just under $85,000 on Wednesday after hitting a two-week high, about a week after a dip below $80,000 on inflation fears.<\/p>\n Meanwhile, spot Bitcoin funds posted three straight days of inflows, including over<\/a> $528 million on October 21, the highest since September 22, when the products drew in close to $715 million. However, yesterday saw the first reversal this week, with over $635 million bleeding out of the funds led by BlackRock\u2019s IBIT, which recorded at least $254 million of outflows.<\/p>\n Elsewhere, analyst Ali Martinez noted that the TD Sequential, a chart tool that flags possible turning points, printed a buy signal near $85,000. Fellow market watcher Joel Gerla called the structure bullish above $80,000 and warned: \u201cLose $80K, and it weakens.\u201d<\/p>\n The post Bitcoin to $10K? Bloomberg Analyst Warns of Brutal Scenario if Stocks Slide 20%<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" 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. […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-243157","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/243157"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=243157"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/243157\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=243157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=243157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=243157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin Holds Near $82,000 While ETF Buyers Return<\/h2>\n