McGlone keeps $10K Bitcoin call, says $75K is the line that decides the trend
Bloomberg Intelligence strategist Mike McGlone is doubling down on his long-running bearish view on bitcoin, arguing the asset could fall back to $10,000 unless it can reclaim and hold above $75,000.
While the $10,000 target has been part of his outlook for weeks, McGlone is now framing the call around a clear technical threshold. A sustained move above $75,000 would invalidate the bearish case. If bitcoin fails to break and hold that level, he believes the broader trend still points lower, with a potential return to prices last seen in early 2020.
His thesis is built on structural factors rather than short-term market events. Before the liquidity surge that followed the COVID-19 crash, bitcoin spent a prolonged period trading near $10,000. The massive wave of monetary easing—zero interest rates, stimulus programs, and central bank balance sheet expansion—helped push the asset far beyond that range and fueled a historic rally in risk assets.
With that liquidity cycle now fading, McGlone argues bitcoin could revert toward what he sees as its long-term equilibrium. He notes that $10,000 has been one of the most heavily traded price zones since 2017, when CME futures launched, making it a key area of historical volume and market consensus.
He also points to changes within the crypto ecosystem itself. Bitcoin no longer dominates the space as it once did, with a growing number of tokens competing for capital. In McGlone’s view, this expanding supply acts as a structural headwind. He highlights stablecoins as a particularly strong trend and expects alternative assets to continue gaining share over time.
The $75,000 level remains central to his outlook. It has acted as a major pivot in recent market cycles—serving as both resistance and support—and aligns with key technical retracement levels. A decisive move above it would suggest renewed demand strength and a potential shift in trend.
Until that happens, McGlone maintains that bitcoin remains in a broader downtrend, with the risk of a deeper move toward $10,000 still on the table.
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