Bitcoin Price May Be Facing a Devastating Collapse

According to Bloomberg Intelligence Senior Commodity Strategist Mike McGlone, Bitcoin’s price may be on the verge of a significant downturn.

In two separate posts on X (formerly Twitter) dated March 14, McGlone suggested that Bitcoin could plummet to $10,000. This would represent a staggering 91% decline from Bitcoin’s all-time high of $109,000 in January 2025, and an 88% drop from its current price of approximately $83,000.

The last significant correction for Bitcoin occurred in 2011, when it fell by about 92% from its peak.

McGlone indicated that Bitcoin emerged alongside the stock market recovery after the 2008 financial crisis and has driven one of the most remarkable risk-asset rallies in history, yet he posits that this rally may be nearing its conclusion.

In another post, the analyst referenced the recent record launch of Bitcoin exchange-traded funds (ETFs) and former President Donald Trump’s supportive stance towards cryptocurrency, labeling Bitcoin as being at the height of a dot-com-style bubble.

> Bitcoin Back to $10,000? Peak Leveraged Beta Risks, Rising Gold – #Gold is up about the same amount in 2025 to March 13 — about 15% — that #Bitcoin is down. But with Bitcoin at about $80,000, what stops those trajectories? About a 6% decline in the S&P 500 could suggest what… pic.twitter.com/aMgL0LANFt
> — Mike McGlone (@mikemcglone11) March 14, 2025

McGlone also posited that the potential crash to $10,000 might have already started, citing signs of overheating in risk markets and a rise in gold prices. “Gold is up about 15% in 2025 to March 13, while Bitcoin is down. But with Bitcoin around $80,000, what stops those trajectories?” McGlone stated.

Unsurprisingly, his analysis has faced backlash from Bitcoin and cryptocurrency advocates.

A Flawed Perspective?

Responding to McGlone, market analyst David Weisberger criticized the basis of the Bloomberg strategist’s analysis as fundamentally flawed.

> When one considers an option as an asset, THIS is what happens to one’s analysis…
> IF there was ZERO increase in Bitcoin adoption and IF those who invested thinking Bitcoin will demonetize gold change their minds and IF the stock market correction turns into a rout, and IF…
> — Dave W (@daveweisberger1) March 14, 2025

“When one considers an option as an asset, THIS is what happens to one’s analysis,” Weisberger responded. He explained that unless Bitcoin’s adoption rate stalls, he believes a stock market crash would lead to an infusion of liquidity that would ultimately benefit Bitcoin.

Additionally, Bitcoin enthusiast Joe Buchner remarked that if Bitcoin were to fall to $10,000, it would indicate far more significant global issues at play. “If BTC dropped to 10k, I think we’d be in a larger global issue than worrying about that. WWIII maybe could be in play, and even then I think BTC would get flooded with $ for safety,” he stated.