Mike McGlone predicts bitcoin’s collapse to $ 10,000

The bitcoin rate BTC $86,753.79 Mezo Wrapped BTC -2.76% Market capitalization $38.28 million VOL. 24 hours $1.86 billion has fallen to $ 86,000, so crypto market analysts warn of the possibility of further decline. As of December 16, the first cryptocurrency is trading at $ 86,464, having lost 3.7% per day. Other assets have also fallen: Ethereum dropped by 6.3% to $ 2941, BNB — by 2.8% ($ 863), XRP — by 5.3% ($ 1.89), Solana — by 4% ($ 127), according to CoinGecko.

Mike McGlone, senior commodities strategist at Bloomberg Intelligence , warned that the price of bitcoin could fall to $ 10,000 in 2026. He believes that the upcoming economic recession could trigger the collapse of highly speculative cryptoassets, most of which, according to him, «have no fundamental value and track nothing.» At the same time, the analyst noted the relative stability of bitcoin, which fell by only 5% as of December 14.

Technical analyst Peter Brandt also warned about the risk of a deep correction, pointing to a violation of the asset’s growth structure. According to him, if the historical scenario with a fall of 80% from the high is repeated, the price could drop to $ 25,240. However, Presto Research analyst Rick Maeda believes that the current decline is not caused by fundamental reasons, but by the coincidence with the opening of the US stock markets, where the S&P 500 and Nasdaq indices fell.

Vincent Liu, investment director at Kronos Research, explained that the market’s decline is due to investors' shift to safer assets due to macroeconomic uncertainty and low liquidity at the end of the year. According to him, the cascading closure of leveraged positions exacerbated the sell-off effect, and the Fed’s decision to cut rates had little impact on market expectations.

An additional factor of pressure on the market could be the failure of mining farms in Xinjiang, China. Jack Kong, founder of Nano Labs, said that between December 14 and 15, the bitcoin network’s hashrate fell by 8%, or about 100 EH/s, due to the outage of about 400,000 devices. Experts note that this is a consequence of the strengthening of anti-cryptocurrency measures in China. However, according to analysts, the impact of this situation will be temporary, and the network’s fundamentals remain stable.