Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has reiterated a forecast suggesting that Bitcoin could decline to 10 000 USD. This scenario is contingent upon a 20% drop in US stocks and a shift toward tighter monetary policy by central banks.
McGlone has consistently referenced this potential price target throughout 2026, previously noting that Bitcoin's performance below 69 000 USD signaled a downward trend. He links this outlook to broader macroeconomic risks, including rising bond yields and the end of the rally that began in 2009.
As of October 18, 2026, Bitcoin was trading near 82 000 USD, which is approximately 35% below its all-time high of 126 080 USD recorded in October 2025. Critics argue that institutional demand, including 58 billion USD absorbed by spot ETFs, provides a significant buffer.
Market analysts, including CryptoQuant founder Ki Young Ju, suggest that the on-chain cost basis establishes a floor near 30 000 USD. They note that a drop to 10 000 USD would require an MVRV ratio of 0.2, which is significantly lower than historical lows of 0.6.
Other market observers maintain a more optimistic outlook. Traders like Michaël van de Poppe have described the current chart as showing strength, suggesting that an upward breakout is more probable than a decline to the levels suggested by McGlone.
