Bloomberg Strategist Mike McGlone Warns Bitcoin Could Plunge to $10,000 in 2026

Veteran commodities analyst cautions that sharp corrections historically follow periods of intense wealth creation

The Bearish Forecast

Bloomberg Intelligence commodities strategist Mike McGlone has issued a stark warning for Bitcoin investors, predicting that the leading cryptocurrency could fall to $10,000 in 2026. In an interview with CoinDesk, McGlone cautioned that sharp corrections often follow periods of intense wealth creation.

This forecast represents a potential decline of over 90% from Bitcoin's recent all-time highs, placing McGlone among the most bearish voices on Wall Street regarding cryptocurrency's near-term trajectory.

The Rationale Behind the Call

McGlone's analysis centers on historical market patterns. Periods of rapid asset appreciation frequently precede significant pullbacks as markets revert to mean valuations. Bitcoin's meteoric rise over the past cycle, he argues, has created conditions ripe for a substantial correction.

The strategist has long maintained a cautious stance on risk assets, particularly as global liquidity conditions tighten. Rising interest rates, quantitative tightening, and macroeconomic uncertainty all factor into his bearish outlook.

Market Context

McGlone's prediction stands in sharp contrast to prevailing bullish sentiment. Many analysts point to Bitcoin's post-halving cycle dynamics, growing institutional adoption, and the approval of spot Bitcoin ETFs as catalysts for continued appreciation.

However, McGlone is not alone in urging caution. Some market observers note that Bitcoin has historically experienced drawdowns of 80% or more during bear markets, suggesting that dramatic corrections remain within the realm of possibility.

Investor Considerations

Whether McGlone's forecast proves accurate remains to be seen. His track record includes both prescient calls and predictions that failed to materialize. Investors should consider multiple perspectives and conduct thorough research before making portfolio decisions based on any single analyst's outlook.

The cryptocurrency market's inherent volatility means that both extreme bullish and bearish scenarios warrant consideration in risk management frameworks.