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Senior strategist at Bloomberg Intelligence, Mike McGlone, stated that Bitcoin could fall to $10,000 if buyers fail to maintain the $75,000 level.
He indicated that holding the price above this threshold would signal a recovery in demand and the end of the downward trend that has developed since the October peak of around $126,000.
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McGlone linked his assessment to the historical market structure. Prior to the pandemic, Bitcoin traded near $10,000 for an extended period, and he believes that the subsequent increase was largely driven by a surge in liquidity during 2020–2021.
“Before the largest influx of capital in history during 2020–2021, Bitcoin fluctuated around $10,000, and a return to this level could occur. Approximately $10,000 has also been the most traded price for the first cryptocurrency since 2017, when futures were launched,” he remarked.
The analyst added that since 2017, the market structure has evolved: a significant number of tokens have emerged, competing for investor capital, which he believes limits Bitcoin’s growth potential.
McGlone specifically highlighted stablecoins as one of the more resilient segments of the market. He suggested that Tether’s USDT stablecoin could surpass Ethereum by 2026 and potentially approach Bitcoin’s metrics in the long term.
According to his assessment, this may indicate a shift in investor interest and an increasing role for instruments tied to fiat currencies.
Earlier, Matthew Sigel, head of research at VanEck, stated that there may not be significant drivers for Bitcoin’s growth in the coming months.
