Bloomberg Intelligence senior commodities strategist Mike McGlone predicts Bitcoin (CRYPTO: BTC) will fall to $10,000, calling the crypto asset class “useless” as limitless token provide and 5 years of underperformance versus the S&P 500 make it uninvestable for institutional threat managers.
The $10,000 Goal Defined
McGlone defines $10,000 as essentially the most broadly traded worth for Bitcoin since 2019-2020, just like how crude oil has traded round $57 per barrel for nearly 10 years.
“That’s the place Bitcoin set its place,” McGlone mentioned, arguing the asset will return to this degree throughout a broader threat asset correction.
McGlone beforehand known as for Bitcoin to drop to $1,100 in 2018 when it traded at $10,000.
Bitcoin in the end bottomed at $3,000, making him “30% flawed, 70% proper.” He turned bullish in 2019 and accurately predicted Bitcoin would exceed $100,000 in 2020 by “simply including a zero.”
Now McGlone argues Bitcoin should “lop off a zero” from $100,000. Presently buying and selling round $68,000, he’s about 32% right up to now however expects the inventory market’s first 20% correction in years to drive the ultimate leg down.
The ‘Lifeless’ Asset Class Thesis
McGlone calls crypto “useless” as an institutional asset class primarily based on threat administration rules.
The Bloomberg Galaxy Crypto Index has underperformed the S&P 500 since 2017, down about 20% in 2025 and 20% year-to-date in 2026.
“When you might have an asset that has a vast provide of different belongings in that area and really poor efficiency as an index versus possibly beta S&P 500, there is no such thing as a cause you’re supposed to purchase that,” McGlone mentioned.
From a monetary threat supervisor perspective, crypto exhibits excessive correlation to equities, greater volatility, and worse five-year efficiency.
McGlone factors to the explosion of cryptocurrencies from one (Bitcoin) in 2009 to 37 million right now.
Whereas stablecoins have grown to $300 billion monitoring actual worth, the opposite tokens “monitor nothing” and signify limitless provide.
The Inventory Market Correlation
Every part is changing into correlated, McGlone argues.
The Market Vectors Digital Belongings 100 Small Cap Index exhibits a 0.84 correlation with Bitcoin over 48 months, reversing earlier detrimental correlation.
U.S. inventory market cap to GDP jumped to 2.3 occasions, the best in 100 years.
“Crypto led the best way up in threat belongings,” McGlone mentioned. “Now they’re main the best way decrease.” Bitcoin should keep above $74,000 to show him flawed, the extent he lately lowered from $90,000.
The Deflationary State of affairs
McGlone expects a post-inflation deflationary interval just like China, the place the 10-year bond yield sits at 1.82% with 300% debt-to-GDP.
He’s bullish U.S. Treasuries, arguing they’ll “seize alpha” this yr after Bitcoin dominated for many of the final decade and gold in 2025.
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