Points of Focus

• Bloomberg Intelligence strategist Mike McGlone says Bitcoin could still fall below $10,000 if macro pressures intensify.
• Several analysts dispute the forecast, saying such a collapse would likely require a severe global liquidity shock.
• Bitcoin is currently trading near $70,000, far above the level McGlone has flagged.

Bloomberg Intelligence senior commodity strategist Mike McGlone says Bitcoin could still fall below $10,000, renewing one of the most bearish forecasts in the current Bitcoin debate. The warning comes as Bitcoin trades near $70,000 in March 2026, placing the target more than 85% below current levels.

McGlone repeated the view during a recent interview with crypto commentator Elliot Wainman, where he argued that the broader crypto market remains trapped in a macro-driven correction. According to McGlone, speculative excess from the previous cycle hasn’t yet fully cleared.

🚨MCGLONE CALLS FOR $10K BITCOIN

Bloomberg strategist Mike McGlone says Bitcoin could still fall below $10,000, citing a prolonged macro-driven unwind.

Other analysts disagree, saying a drop that deep would likely require an extreme global liquidity crisis or even nuclear war. pic.twitter.com/U4HVNafZtC

— Coin Bureau (@coinbureau) March 11, 2026

Bloomberg strategist ties Bitcoin downside risk to macro cycle

McGlone’s thesis centers on macroeconomic pressure across global risk assets. He argues that Bitcoin increasingly trades alongside technology stocks and other risk assets rather than behaving as an independent hedge.

During the interview, McGlone said the crypto bear market began after, what he called, “the excesses that built up during 2024”. A period that included the launch of US spot Bitcoin exchange-traded funds (ETFs) and a major price rally following Donald Trump’s election victory.

In his view, those developments marked a cycle peak rather than the start of a new long-term uptrend.

McGlone also pointed to structural changes in the crypto market. The rise of derivatives trading, ETFs and thousands of new tokens has changed how the market behaves, turning crypto into a more financialized asset class.

He added that the shift has made Bitcoin more sensitive to global liquidity conditions.

Market analysts reject extreme downside target

Several analysts have pushed back on McGlone’s forecast, saying that while Bitcoin could see further downside, a collapse toward $10,000 would likely require an extraordinary global event.

Mati Greenspan, founder of Quantum Economics, says a drop of that scale would likely require a global liquidity crisis or a major systemic disruption affecting financial markets.

Jason Fernandes, co-founder of crypto research firm AdLunam, notes that even a decline toward $28,000 would already imply tightening liquidity and widening financial stress across markets.

Jonatan Randin, a market analyst at PrimeXBT, also views the forecast as improbable. He expects Bitcoin to move within a broad range while macro conditions remain uncertain. 

Bitcoin price remains far from bearish scenario

Current market data shows Bitcoin trading roughly between $69k – $71k during the second week of March, 2026. Reaching $10,000 from those levels would require a decline of more than 85%.

The debate highlights a growing divide among market analysts over Bitcoin’s role in global markets.

Supporters see institutional adoption, ETFs, and deeper liquidity as strengthening the asset’s long-term position. McGlone’s analysis suggests the opposite outcome; arguing that financial integration has tied Bitcoin more closely to traditional macro cycles.

For now, the market shows no immediate signs of validating the extreme bearish scenario. Still, the persistence of such forecasts from a Bloomberg strategist reveals a philosophical divide on Bitcoin’s role as global macro conditions tighten.