Bloomberg Analyst Mike McGlone Warns: Bitcoin Could Drop to $10,000 Amid Excessive Speculation

​During an interview with Cointelegraph the Senior Commodity Strategist at Bloomberg Intelligence, Mike McGlone, declared that Bitcoin faces an ominous future path. Bitcoin faces a substantial market correction in McGlone’s view, which might lead to a price drop to $10,000. McGlone attributes this anticipated decline to excessive speculation and overvaluation within the crypto market.

The Bitcoin Price Puzzle: Can Mike McGlone’s Predictions Be Trusted?

McGlone stated that the current Bitcoin position as “digital gold” embodies critical pressure. Investors who obtained Bitcoin ETFs did not receive the protected asset which they expected to acquire through their purchase. He states that such investors own a risky leveraged volatile asset instead. McGlone told the public that buyers who invested in ETFs learned their lesson regarding their investments. The investors purchased something other than digital gold through their transactions. The investors received an amplified version of leveraged beta. That’s a fact.” ​

In a sell what you can market, highly speculative and volatile #cryptocurrencies with lots of froth lose. #Gold may suffer margin calls initially, but T-bonds typically win, especially when they yield over double the #deflation leader – #China.
Full report on Bloomberg here:… pic.twitter.com/OKRaegJSlI

— Mike McGlone (@mikemcglone11) April 6, 2025

The broader financial landscape also factors into McGlone’s bearish outlook. McGlone specified that market instability results in part from the trade tensions and tariff wars started by the Trump administration. The current market environment, which pushes traders to sell whatever assets they can access, makes McGlone consider cryptos as particularly exposed assets. According to McGlone, gold might experience brief margin calls, yet traditional safe-haven assets, particularly Treasury bonds, will perform better because of their yields. 

Bitcoin ETF Outlook: Will Mike McGlone’s Warnings Prove Correct?

The Bitcoin price has been influenced by macroeconomic uncertainties and Federal Reserve policies. McGlone drew parallels between the current state of the cryptocurrency market and the dot-com bubble of the late 1990s. McGlone argued that the cryptocurrency world demands cleansing operations to remove impractical ventures and excessive speculative activities. McGlone focused his argument on Dogecoin (DOGE) stating that its $20 billion market capitalization should hit zero. McGlone explained that the entire crypto market requires a systematic cleaning process which resulted in the same way as the dot-com bubble collapsed.

The blockchain technology functions well in McGlone’s assessment, but he maintains an unfavorable stance on present economic conditions. According to McGlone, Tether (USDT) serves as practical proof supporting Bitcoin’s technological value. McGlone has identified Tether on course to capture a larger market capitalization than Ethereum, thus transforming the crypto market dynamics. ​

Can Mike McGlone’s warnings of a Market Correction Be Ignored?

McGlone informs investors through his analysis about the high-risk conditions of the cryptocurrency market as volatility reins supreme. In spite of promising Bitcoin future prospects investors need to remain watchful according to McGlone because his insights demonstrate the requirement for thorough analysis. Market investors need to stay informed while investigating various views to determine suitable Crypto investment decisions in this evolving market.

Crypto market participants should recognize, according to McGlone, that despite its growth potential such markets continue to operate based on market sentiment and speculative behavior alongside wider economic factors. The market standards discussed in his Bitcoin assessment at $10,000 deserve attention to help investors understand cryptocurrency trends better. The alarming sentiment expressed by seasoned analysts like McGlone indicates that deep market corrections could occur while forcing investors to adopt strategic positions and long-term strategies for dealing with cryptocurrency market uncertainties.

The post Bloomberg Analyst Mike McGlone Warns: Bitcoin Could Drop to $10,000 Amid Excessive Speculation appeared first on Coinfomania.