From Bull to Bear: Why Bloomberg's McGlone Now Predicts Bitcoin at $10,000?

The Great Reversal of Vision

Mike McGlone of Bloomberg represents an interesting case of trend reversal in the crypto sector. For years, the analyst has been one of the most convinced supporters of the “digital gold” thesis, inevitably predicting Bitcoin reaching $100,000. During the monetary stimulus cycle, McGlone preached institutional optimism and asset maturation.

Yet, in 2025, the narrative has completely collapsed. McGlone has begun to outline a disturbing “divergence”: while gold hits all-time highs, Bitcoin struggles. This observation led him to a drastic and provocative conclusion on social media.

The Prediction That Shakes the Markets

In a recent post, the Bloomberg analyst hypothesized an extreme bearish scenario: Bitcoin could drop to $50,000 in 2026, but this would only be an intermediate stage. The true correction target, according to McGlone, is $10,000 – a decline that would represent a return to the pre-speculative mania levels of 2020.

Considering that Bitcoin is currently trading around $90.91K, such a perspective would imply a collapse of over 89% from the current level. McGlone argues that 2025 marked the definitive peak of the cycle, with 2026 destined for a catastrophic “mean reversion.”

The Logic Behind the Radical Drop

McGlone’s argument is based on a structural comparison between assets: gold benefits from intrinsic scarcity. In the physical world, those seeking a precious metal as a store of value have only three alternatives: silver, platinum, and palladium. This physical constraint limits supply.

Bitcoin, on the other hand, operates in a digital universe without physical limits. The crypto asset class is infinite and inflationary – millions of projects compete for investors’ capital. McGlone believes this abundance gradually dilutes the value of the first digital asset. In a scenario of decreasing liquidity, he argues, Bitcoin would revert to its “fair value.”

The Macroeconomic Context

McGlone’s reversal reflects a broader shift in macroeconomic perspective. Where he once saw expansion opportunities, he now identifies signals of an impending deflationary recession. In this new environment, liquidity becomes sovereign. Speculative assets like Bitcoin would lose attractiveness; physical gold and related instruments (including palladium ETFs and traditional precious metals) could benefit from a flight-to-quality.

The divergence between gold and Bitcoin that McGlone highlights would therefore represent not temporary volatility, but a structural signal of renewed demand for tangible and scarce assets compared to abundant digital ones.

Final Considerations

McGlone’s transformation from a convinced bull to a radical bear illustrates how market visions can evolve radically with changes in macroeconomic cycles. Whether his $10,000 prediction proves prophetic or not, his analysis represents one of the most articulated critiques of Bitcoin’s uniqueness as a global store of value – a theme destined to dominate crypto debates in the next 12 months.