Bitcoin Could Fall to $10K as Market Correction Looms, Says Bloomberg Analyst
Bloomberg Senior Commodity Strategist Mike McGlone has issued a stark warning about the potential for a major correction in global markets, predicting that Bitcoin could fall as low as $10,000.In an exclusive interview with Cointelegraph, McGlone cited heightened market volatility, deepening sell-offs, and macroeconomic instability exacerbated by ongoing U.S. tariff tensions under President Donald Trump as contributing factors to a potential sharp decline in crypto assets.
“The entire space needs a purge, much like the dot-com bubble. Dogecoin still has a $20 billion market cap. It should go to zero,” McGlone said, pointing to what he believes is unsustainable speculation in digital assets.
Despite a regulatory environment that remains relatively supportive, McGlone argued that Bitcoin’s reputation as “digital gold” is under serious pressure. He added that many investors who entered the market through newly launched Bitcoin ETFs are beginning to realize that they purchased a volatile, high-beta asset rather than a safe haven.
The strategist also emphasized that any recovery from a potential downturn is unlikely to follow the rapid V-shaped rebound seen after the COVID-19 crash. Instead, he expects a more gradual reset, citing the U.S. stock market’s current ratio of over 2.2 times GDP as a sign of overvaluation.
“Markets simply got too high. A correction is not only likely it’s necessary,” McGlone stated.
Investors are advised to brace for continued volatility and manage expectations for a prolonged recovery period.
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