Bloomberg strategist: BTC could fall to $10K in worst-case scenario

Mike McGlone, a senior macro strategist at Bloomberg Intelligence, has projected that Bitcoin could potentially fall to its long-term average of around $10,000. He noted that the correlation between crypto and stocks broke down in late May, as the crypto market showed weakness even while the S&P 500 index reached a new all-time high. As another bearish signal, he cited the Bloomberg Galaxy Crypto Index (BGCI) falling below the 2,000 mark, half its 2025 peak. McGlone analyzed that the market has entered a broad bubble-deflating phase and that Bitcoin could undergo a correction similar to the one in 2018. However, some in the industry argue this scenario is unlikely, citing a strong demand base from spot Bitcoin ETFs from BlackRock and Fidelity. McGlone added that a recovery to the $75,000 level is a key turning point for the market's future direction. He previously made similar predictions of a crash to $10,000 in February and April.