Bloomberg strategist Mike McGlone warns: Bitcoin will first drop to $50,000 next year, then crash to $10,000

Bloomberg Intelligence senior commodity strategist Mike McGlone believes that 2025 is likely to mark the peak of the Bitcoin and overall cryptocurrency market cycle. In 2026, Bitcoin prices may first fall back to $50,000 and further decline to $10,000.
(Background: Silver Fully “Cryptocurrency-ized”: Volatility Surges, Precious Metals Have Replaced Past Bitcoin Markets)
(Additional context: Analyst Luke Gromen: Why I Sold Most of My Bitcoin by Year-End)

On December 28, Bloomberg Intelligence senior commodity strategist Mike McGlone posted on his X account @mikemcglone11, issuing a serious warning about Bitcoin’s outlook. He believes that 2025 may have already marked the peak of Bitcoin and the crypto market cycle. In 2026, Bitcoin could first drop to $50,000 and serve as a “stopping point” before further falling to $10,000 — implying a potential decline of up to 90%. McGlone directly wrote in his post:

“Bitcoin to $50,000 in 2026 on the way to $10,000? 2025 may have already marked the peak of Bitcoin and cryptocurrencies. Gold has only three major precious-metal competitors: silver, platinum, and palladium. In contrast, Bitcoin was the first cryptocurrency in 2009, but now faces competition from millions of digital assets.… pic.twitter.com/3PSQF4zVwU
— Mike McGlone (@mikemcglone11) December 28, 2025”

Mike McGlone has recently continued to be bearish on Bitcoin

However, it is worth noting that Mike McGlone was previously a prominent Bitcoin bull, predicting early on that Bitcoin would become “digital gold” and rise above $100,000.

In recent years, his views have shifted to a more bearish stance, especially during the 2022-2023 bear market, where he accurately warned of price declines multiple times. Nonetheless, his forecasting style has always been somewhat extreme, and his recent prediction of a drop to $10,000 is seen as a “worst-case scenario” rather than a mainstream consensus. Currently, several institutions such as VanEck, Standard Chartered, and Bernstein remain optimistic, predicting that Bitcoin could continue to hit new all-time highs in 2026.

The main reasons McGlone is currently bearish on Bitcoin, based on his previous viewpoints, include:

• Excessive competition: Unlike gold, which has only a few precious-metal competitors, the crypto market has millions of digital assets, leading to capital dispersion and weakening Bitcoin’s dominance.
• Macroeconomic pressures: He describes the current economic environment as similar to before the 2008 financial crisis. Once liquidity is withdrawn, the impact first hits sensitive assets like Bitcoin. The Bitcoin-to-gold ratio continues to decline and is seen as a leading indicator.
• Poor risk-adjusted performance: Even during stock market rallies, Bitcoin’s risk-adjusted returns have lagged.

Related Reading: Bretton Woods System 50th Anniversary | Bloomberg Mike McGlone: Bitcoin is on the Path to “Replace Gold”

Related Reading: Bloomberg Analyst Warns: Bitcoin Will Drop to $50,000 Next Year! BTC Currently Faces Three Major Dead Ends