Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, has published two tweets, elaborating why the world’s flagship cryptocurrency Bitcoin may crash to the $10,000 level in the near future.
McGlone likens Bitcoin to the Internet bubble back in the 2000s, when the Nasdaq surged but then crashed 80%.
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Is Bitcoin to drop back to $10,000? McGlone hints it could
Bloomberg’s expert has predicted that Bitcoin is likely to lose a zero from the $100,000 that it has reached earlier this year several times. McGlone said that Bitcoin’s physical rival, gold, is on the rise at the moment – that’s something he tweeted about earlier this week too.
McGlone pointed out that in 2025, the gold price has increased by roughly 15%, while Bitcoin, digital gold, is down by a similar percentage and is trading in the $80,000 zone currently. Gold has surged past $2,950 per ounce due to wide geopolitical tensions that emerged recently and Donald Trump’s economic policy towards Canada, Mexico, China, and Europe.
The Bloomberg strategist mentioned the recent biggest launch of Bitcoin ETFs in history and US president’s shift towards Bitcoin and crypto in general, which McGlone referred to as highly volatile and speculative. He seems to believe that currently the situation is close to the dot-com bubble that rose in the early 2000s and then burst, pushing the Index of tech companies Nasdaq 80% down.
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In a tweet published earlier today, the expert pointed out that Bitcoin was created when the stock market bottomed out in 2009 during the mortgage market crisis and since then BTC “has been a leader of one of the greatest risk-asset rallies in history,” again hinting that he sees Bitcoin as a bubble that is about to burst soon.