Bitcoin Crash Alert: Strategist Warns of $10K Meltdown

Bloomberg’s Mike McGlone has thrown cold water on the optimism, suggesting that the world’s biggest cryptocurrency might instead collapse to just $10,000.

From “Digital Gold” to Risk Asset

McGlone argues that Bitcoin no longer behaves like the uncorrelated hedge investors once hoped for. Instead, its performance now mirrors the S&P 500 more than at any time in history, making it heavily exposed to weakness in broader equities. Gold, by contrast, has rallied nearly 30% since December while Bitcoin has barely moved, showing where investors are actually finding safety.

Volatility and Market Signals

The strategist also sees warning signs in market volatility. The VIX hit its lowest reading of the year in August before reversing sharply, a pattern McGlone says often marks peaks in risk assets. He believes Bitcoin’s surge past $100,000 may have coincided with that turning point, hinting the next move could be downward.

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Too Many Cryptos, Too Little Scarcity

Another concern lies in supply. Bitcoin’s capped issuance is central to its appeal, but with millions of alternative cryptocurrencies flooding the market, McGlone thinks the scarcity narrative is losing credibility. If investors no longer view Bitcoin as unique, its long-term value proposition may erode.

A Market Divided

For bulls, the case remains strong: Bitcoin survived every previous crash and could ride liquidity tailwinds to new highs. For skeptics like McGlone, the risk profile looks different this time. Between its equity-like behavior, renewed volatility, and an overcrowded crypto ecosystem, the possibility of a $10,000 retest is one he refuses to dismiss.



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