Mike McGlone, senior commodity strategist at Bloomberg Intelligence, published a post where he suggested that Bitcoin could fall to $10,000 in 2026.
He pointed out that before the large-scale money injection into the economy in 2020–2021, Bitcoin was trading around that level and could gradually return there.
He also believes Bitcoin is facing growing competition from dollar-backed stablecoins like USDT. According to his forecast, the total value of all issued Tether tokens could first surpass ETH and eventually even BTC.
The expert also highlighted the stock market as another possible risk.
Volatility in the S&P 500 index, which tracks major U.S. companies, remains unusually low right now. McGlone warns that if this changes, it could pull Bitcoin down as well. The asset has already shown how fast it can rise — and it can fall just as quickly.
Reaction
Users on X didn’t hold back.
“Predicting $10,000 while global M2 has doubled is like forecasting ice during a volcanic eruption,” one user wrote.
Another commenter suggested McGlone should back up his words with real positions — by buying options or futures with those targets.
There was also criticism from a technical perspective. One participant noted that the average purchase price, based on recent trading volumes, sits around $54,000–57,000. This range reflects the average positions accumulated by holders from the 2021 and 2022 peaks — and, in this view, provides liquidity for a move back to $90,000 rather than a drop to $10,000.
Another user pointed out that $10,000 would be “the most painful outcome for the majority,” which, according to market logic, often makes it more likely.
“But while everyone argues about Bitcoin’s price, stablecoins are becoming the main real-world use case of crypto,” the user added.