Bloomberg Analyst Mike McGlone Issues Bitcoin Alert, Says BTC Could Crash 88% As Stocks Plummet
Senior Bloomberg analyst Mike McGlone is warning traders that Bitcoin (BTC) may crater practically 90% from its present worth because of the situations of the gold and inventory markets.
In a brand new thread on the social media platform X, McGlone tells his 66,900 followers that the highest crypto asset by market cap may free fall to simply $10,000 as merchants begin to closely favor gold over it.
“$100,000 Bitcoin would possibly lose a zero, favoring gold – Bitcoin was born about when the inventory market bottomed in 2009 and has been a frontrunner of one of many biggest risk-asset rallies in historical past, which can counsel what issues.”
In keeping with McGlone, there’s presently nothing stopping BTC’s downward trajectory, as gold has outperformed the flagship digital asset up to now in 2025.
“Bitcoin Again to $10,000? Peak leveraged beta dangers, rising gold. Gold is up about the identical quantity in 2025 to March 13 – about 15% – that Bitcoin is down. However with Bitcoin at about $80,000, what stops these trajectories? A couple of 6% decline within the S&P 500 may counsel what issues.
The largest exchange-traded fund (ETF) launch in historical past, President Donald Trump’s shift to extremely unstable and speculative cryptos, and reelection may show peak-bubble akin to about 25 years in the past.”
Bitcoin is buying and selling for $84,899 at time of writing, a fractional improve on the day. A drop to McGlone’s degree would signify about an 88% drop for the crypto king.
The analyst goes on to note that traders’ shifting their urge for food from BTC to gold is obvious when ETF information.
“Bitcoin/Gold cross could have peaked, with implications – after 4 years of outflows, gold ETFs have turned decisively to inflows in 2025, which can sign a shift in threat appetites.”
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