Mike McGlone predicts bitcoin will fall to $ 10,000

Mike McGlone, a senior strategist at Bloomberg Intelligence , suggested that the price of bitcoin BTC $85,519.94 Bitcoin 2.99% Market capitalization $1.7 trillion VOL. 24 hours $1.9 billion could drop to $ 10,000 if the global financial correction deepens. According to him, the cryptocurrency market is currently going through a phase of excessive speculation, and the value of certain assets, such as Dogecoin DOGE $0.17 Binance-Peg Dogecoin 5.00% Market capitalization $0.43 billion VOL. 24 hours $0.13 billion , does not correspond to their actual value, which indicates the need for a «cleanup» of the industry, similar to what happened during the dot-com crisis.

The expert also emphasized that the current macroeconomic situation is putting pressure on bitcoin’s position as «digital gold.» He believes that investors will face a long period of slow recovery, rather than the rapid V-shaped growth seen after the pandemic collapse in 2020. Risks are exacerbated by the overheated US stock market, which, according to McGlone, has long since gone beyond correlation with the real state of the economy.

Against the backdrop of these statements, discussions about the possibility of a new recession have intensified in the crypto community. The situation is further complicated by the escalation of trade tensions between the US and China: President Donald Trump has ruled out lifting the existing tariffs and threatened new duties of 50%. In response, the European Commission proposed to impose a 25% duty on a number of American goods, including steel, soybeans, and diamonds.

Despite pessimistic forecasts, bitcoin is showing signs of stabilization: on April 7, its price rose by 6.3% to $ 79,448. At the same time, most other cryptocurrencies have fallen in price — Ethereum ETH $1,628.57 Bridged Ether (StarkGate) 4.46% Market capitalization $0.14 billion VOL. 24 hours $0.87 billion lost 14%, and XRP XRP $2.16 XRP 7.15% Market capitalization $125.96 billion VOL. 24 hours $0.36 billion - 1.2%. The total capitalization of the cryptocurrency market has risen to $ 2.6 trillion, and the share of bitcoin has increased to 60.5%.

In this context, analysts continue to evaluate bitcoin as a potential hedge against trading risks, but recognize that further dynamics will depend on both macroeconomic factors and the ability of investors to maintain confidence in digital assets during periods of instability.