Mike McGlone, senior macro strategist at Bloomberg Intelligence, has issued a stark warning that Bitcoin could revisit the $10,000 level. In a June 1 post on X, he highlighted a dangerous divergence: while the S&P 500 rallied to all‑time highs, Bitcoin and the broader crypto market failed to follow, signaling underlying weakness.
McGlone compared today’s setup to the 2018 correction, when Bitcoin lost more than 80% of its value after a period of speculative exuberance. He noted that the Bloomberg Galaxy Crypto Index (BGCI) has fallen below 2,000, roughly half its 2025 peak, describing the market as being in a “bubble‑deflating phase.” From a chartist perspective, a move back to $10,000 would represent a reversion to Bitcoin’s long‑term average—roughly an 85% decline from its all‑time high above $100,000 seen last year.
However, not all analysts agree with the dire forecast. Since the approval of spot Bitcoin ETFs, major asset managers like BlackRock and Fidelity have attracted billions in institutional inflows. This new demand base, which includes pension funds and endowments with long‑term horizons, could provide a structural floor that was absent during the 2018 meltdown. McGlone acknowledged that reclaiming the $75,000 level would be a critical turning point and could invalidate his bearish thesis.
This is not the first time McGlone has warned of a drop to $10,000—he made similar calls in February and April 2026—but the repeated warnings underscore the fragile market dynamics. For now, the conflicting signals between technical headwinds and institutional demand leave Bitcoin’s next major move uncertain.
