Mike McGlone Repeats Call for Bitcoin to Fall to $10,000 as Stock Bear Market Begins

what happened

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, reiterated his view that Bitcoin could slide to $10,000, according to Stocktwits. He believes a downturn in stocks is already underway. McGlone first issued the call in early 2025, when Bitcoin was above $100,000, and says his outlook has not changed. In a post on X, he wrote that a roughly 20% decline in the S&P 500 remains his base case, and that such a move would mean Bitcoin losing about 90% of its value.

Scott Melker, a crypto trader nicknamed the 'Wolf of All Streets', pushed back. He noted that the Nasdaq had entered correction territory, more than 10% below its recent high, and argued that the market had already covered about half of the decline needed to pull Bitcoin that low.

why it matters

The debate comes down to how far stocks must fall before Bitcoin follows. On the day Stocktwits cited, the S&P 500 closed at 7,376 points, about 6% below its 52-week high of 7,844, well short of the 20% drop McGlone named. Bitcoin traded at $75,830 at the time.

market impact

Bitcoin: a bearish stock-market call weighs on sentiment, while the argument that much of the drop is already done offsets it

• ↔Bitcoin mixed — the bearish stock-market call weighs, but the market's drop is already partly priced in

tags

instruments