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Bitcoinâs price is set to fall another 90% to $10,000 in 2026, warns Bloomberg Intelligence strategist Mike McGlone.
The reason? Mounting competition.
âBitcoin was the first crypto in 2009,â McGlone wrote on LinkedIn. âBut now [it] has millions of digital asset competitors.â
By contrast, gold has just three competitors â silver, platinum and palladium â McGlone said. The leading precious metalâs price will jump another 10% and trade at over $5,000 an ounce in 2026, he predicted.
McGloneâs extremely bearish call comes as Bitcoin heads into New Yearâs Eve trading 30% below its $126,000 all-time high set in October.
Investors are dumping their Bitcoin holdings en masse. Bitcoin exchange-traded funds recorded $1 billion in selloffs in December, adding to Novemberâs $3.5 billion drawdown, DefiLlama data shows.
Meanwhile, other assets â including stocks and precious metals â set fresh records in December, propelled by strong macroeconomic tailwinds.
It is far from McGloneâs first bearish prediction. He made the $10,000 call earlier in December citing a new paradigm he describes as âpost-inflation deflation,â a period when asset prices crash after an inflationary cycle.
McGlone warned that 2026 will be a bad year for all asset classes.
Surging gold prices relative to other assets âmay be front-running a 2026 drawdown for US stocks, with headwinds for crude oil, copper, silver and all risk assets,â he said.
To be sure, not everyone is as pessimistic about the new year.
Ed Yardeni, president of Yardeni Research, said he expects economic productivity and market gains to skyrocket in 2026, driven by artificial intelligence and macro factors.
That means increased investor appetite for risky assets like Bitcoin.
âThe bull market in stocks should broaden to the S&P 500âs Impressive-493, i.e., to the users of AI, rather than remaining concentrated among AI producers such as the S&P 500 Magnificent-7,â Yardeni said.
Yardeni also noted the heavy investment in US stocks by foreign investors, which hit a record $714 billion by October 2025 and could reach $1 trillion by the New Year.
âHistorically, heavy foreign buying of US equities has been a bearish signal from a contrarian perspective,â he said.
âThe signal certainly hasnât worked recently.â
Offering a similarly bullish note, BitMEX co-founder Arthur Hayes predicted earlier in December that Bitcoin will shoot to $200,000 by March. The US Federal Reserve will fuel that rally by adding some $40 billion of liquidity per month, Hayes argued.
Lance Datskoluo is DL Newsâ Europe-based markets correspondent. Got a tip? Email at lance@dlnews.com.
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