Bloomberg Analyst McGlone Floats $10K $BTC Again — Critics Call It a Horror Re-Run

Bloomberg Intelligence senior commodity strategist Mike McGlone renewed a stark forecast this month, writing on October 16 that Bitcoin could fall toward $10,000 if US equities decline 20% and central banks tighten policy further. The scenario hinges on two conditions McGlone has repeated throughout 2026: a 20% drawdown in US stocks and a pivot to monetary restraint alongside rising bond yields. He tied the call to Bitcoin's 2025 peak above $100,000, gold's climb above $5,000 in the first quarter of that year, and what he called the 2009-led risk-asset rally reaching an "endgame." McGlone first pushed the idea harder in early 2025 when $BTC traded near or above $100,000, and reiterated similar targets in June, July, August and September 2026, often citing mean reversion and equity-market correlation.

Bitcoin trades near $82,000 as of October 18, 2026, according to BeInCrypto data. That level sits roughly 35% below its all-time high of about $126,080, set in early October 2025. A move to $10,000 would therefore imply a substantially deeper decline from current levels. McGlone has previously pointed to Bitcoin trading below $69,000 as evidence that a continued move toward that target remains in play.

Critics have pushed back hard against the call. CryptoQuant founder Ki Young Ju argued that spot Bitcoin ETFs have absorbed $58 billion in inflows and that treasury companies hold roughly 1.3 million $BTC, creating a structural demand floor. Ju added that, even if that institutional capital exited, the on-chain cost basis still points to a floor near $30,000, and that a drop to $10,000 would imply an MVRV ratio of 0.2, well below the worst historical bottom of 0.6. Such a move would also require long-term holders who have survived multiple 75% crashes to capitulate at scale.

Technical analysts offered a more constructive view. Trader Killa noted that Bitcoin often rallies over weekends and reverses on Mondays, while Michaël van de Poppe wrote on X, "This is not a bad chart, at all," arguing that higher timeframes show the asset has swept recent lows and is starting to show stronger momentum. Van de Poppe said the next move is more likely to break upward than downward. McGlone's repeated $10,000 framing has drawn attention from both institutional and retail commentators throughout 2026, though on-chain analysts and chart-watchers continue to challenge the timing and mechanics of such a reversal.