February 2 News, Bloomberg industry research strategist Mike McGlone issued a strong warning that Bitcoin could drop another approximately 87%, with a potential dip to the $10,000 level. The current Bitcoin price is about $76,500, having fallen approximately 20% in the past two weeks, approaching a 40% retracement from the all-time high set in October last year.
McGlone stated on social media that the market environment in 2026 may replicate the trends seen during the 2008 financial crisis and the 2000–2001 tech bubble burst. He believes this downward movement is not only a correction in the crypto market but also a precursor to the re-pricing of global risk assets.
This assessment comes after U.S. President Trump nominated Kevin Warsh as Federal Reserve Chair. Warsh is viewed as a typical hawk, advocating for tightening monetary policy and prioritizing inflation suppression. The market expects that after his appointment, the pace of rate cuts will slow down or even that the easing cycle will end early, thereby weakening market liquidity.
As a result, major assets are also weakening simultaneously. Tech stocks are experiencing intensified sell-offs, with Microsoft’s market value evaporating over $350 billion in a single day; the total market cap of the crypto market has fallen below $2.7 trillion, nearly 40% off its high. Gold and silver have also declined by 5% and 7%, respectively, temporarily losing their safe-haven attributes.
Ed Yardeni, President of Yardeni Research, pointed out that besides monetary tightening, geopolitical tensions are also elevating risk premiums. Recently, tensions between Trump and Iran’s Supreme Leader over nuclear issues have escalated, and the deployment of aircraft carriers to the Middle East has significantly increased market uncertainty.
In the coming week, investors will focus on a series of U.S. employment data releases and earnings reports from major companies to gauge policy directions and economic resilience. Meanwhile, Bitcoin and Ethereum remain under short-term pressure, as the market is reassessing the valuation basis of high-risk assets.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Price predictions 4/3: BTC, ETH, BNB, XRP, SOL, DOGE, HYPE, ADA, BCH, LINK
Key points:
Buyers are attempting to maintain BTC above the $66,500 level, but several analysts believe that the $60,000 level may crack.
Some major altcoins risk breaking below their immediate support levels, signaling that bears remain in control.
Buyers are attempting to push an
Cointelegraph29m ago
Rich Bitcoin traders lost $337M daily in first quarter of 2026
Bitcoin (BTC) traders holding 100–10,000 BTC realized losses at an average of $337 million per day in Q1 2026, the worst quarter since 2022, according to data from Glassnode.
Key takeaways:
Bitcoin dropped more than 20% after whales last realized losses at a comparable pace in 2022.
Cointelegraph35m ago
Glassnode: Bitcoin whale and shark Q1 average daily losses exceed $300 million
On April 5, Glassnode data showed that in the first quarter, the “sharks” holding 100–1,000 BTC and the “giant whales” holding 1,000–10,000 BTC together incurred losses of about $337 million, with total losses of $30.9 billion year to date. Long-term holders are losing about $200 million per day on average, and the market expects Bitcoin’s potential bottom range to be between $40k and $50k.
GateNews39m ago
VanEck Research Head: BTC derivatives protection demand hits the 99th percentile, releasing a contrarian long setup signal
VanEck research chief Matthew Sigel noted that protective demand in the Bitcoin derivatives market has reached a historical high, suggesting the market may be suitable for establishing long positions. At the same time, he warned that high spending in the AI sector without returns could put pressure on the market.
GateNews1h ago
Bitcoin Transaction Fees Fall to 2011 Lows As Analysts Warn of Slowing Network Activity
A new wave of debate hit crypto social media after Crypto Rover posted that Bitcoin fees had fallen to 2.5 BTC a day, the lowest level since 2011, and argued that on-chain demand was fading. The chart attached to the post shows two things at once: a sharp drop in total transaction fees and a much st
BlockChainReporter2h ago
Bitcoin’s ‘no direction’ action may lead to heavier breakout: Analyst
Bitcoin's prolonged consolidation below $70,000 may indicate a potential rally, despite mixed analyst sentiment. While some predict a breakout, others warn of deeper bearish trends. Current trading is stagnant, with Bitcoin at $66,890.
Cointelegraph2h ago
