Bitcoin to $10K? Bloomberg Analyst Warns of Brutal Scenario if Stocks Slide 20%

McGlone believes BTC's mainstream adoption through ETFs changed its investment profile, leaving it more exposed to familiar market risks. Senior commodity strategist at Bloomberg Mike McGlone has said that Bitcoin could drop to $10,000 if US stocks go through a lengthy 20% correction. The bearish view is based on the idea that Bitcoin has lost its former edge as a speculative asset and remains exposed to tighter monetary policy and a broader market sell-off. McGlone Warns Bitcoin Could Lose Another Zero McGlone, who has maintained a bearish stance since Bitcoin climbed above $100,000 in early 2025, described the cryptocurrency’s recent recovery as a “bear market bounce.” He argued that its performance has weakened since spot Bitcoin exchange-traded funds (ETFs) brought the asset further into mainstream finance. “Bitcoin can easily drop a zero, get down to $10,000, on one key thing that hasn’t happened yet,” he remarked. The strategist identified a sustained 20% decline in the S&P 500 as the condition that could trigger another major Bitcoin sell-off to pull it back to those levels. He believes a prolonged equity correction could expose the vulnerability of cryptocurrencies and ...