Bloomberg's McGlone Floats $10K BTC Again—This Time With a 20% Stock Crash Caveat 📉

Bloomberg Intelligence senior commodity strategist Mike McGlone reiterated a longstanding forecast that Bitcoin ($BTC) could fall toward $10,000 if U.S. equities decline by roughly 20%, outlining the condition in an October 16, 2026 post. Citing Bitcoin's 2025 peak above $100,000, gold's climb past $5,000 in the first quarter, tighter central bank policy, and rising bond yields, McGlone framed the projection as a mean-reversion scenario tied to BTC's correlation with stock markets. McGlone has repeatedly floated the $10,000 target throughout 2026 and earlier, including remarks in August suggesting Bitcoin's sustained trade below $69,000 pointed toward that level, with similar comments appearing in July, June, and September. He first pushed the thesis harder in early 2025, when Bitcoin traded near or above $100,000.

According to BeInCrypto data, Bitcoin trades near $82,000 as of October 18, 2026, roughly 35% below its all-time high of approximately $126,080 set in early October 2025, meaning a move to $10,000 would imply a substantially deeper decline. McGlone's scenario hinges on two stated conditions: a 20% drawdown in U.S. stocks and tighter central bank policy.

CryptoQuant founder Ki Young Ju pushed back on the call, noting that spot Bitcoin ETFs have absorbed $58 billion and that treasury companies hold 1.3 million BTC. Ju argued that even if that capital exited, on-chain cost basis data 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, and would require long-term holders who have endured multiple 75% drawdowns to capitulate. Crypto analyst Darkfost added that the $10,000 scenario does not align with historical data. Technical analysts offered a more constructive near-term view, with trader Killa pointing to Bitcoin's tendency to rally over weekends and reverse on Mondays, and Michaël van de Poppe writing that the chart is "not bad at all," adding that the next move is more likely to break upward than downward given higher-timeframe structure. McGlone's repeated $10,000 calls continue to circulate against a backdrop of divergent analyst views on Bitcoin's directional path.