On Friday, an analyst forecasted a staggering potential decline for Bitcoin, predicting that the cryptocurrency could fall by as much as 91% from its all-time high of $109,000 per coin reached in January 2025. This projection raises alarms about the possibility of another significant crash for the world’s most well-known cryptocurrency.
Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence, suggests that Bitcoin may plunge to a low of $10,000 per coin. This would reignite fears reminiscent of previous market corrections, particularly the dramatic 92% downturn experienced in 2011.
BTC To Crash To $10K?
In a recent analysis, McGlone described the potential decline as a serious correction, with Bitcoin sliding towards what many would consider a devastating collapse. He stated,
“Bitcoin Back to $10,000? Peak Leveraged Beta Risks, Rising Gold – #Gold is up about the same amount in 2025 to March 13 – about 15% – that #Bitcoin is down,”
potentially signaling a troubling trend.
If Bitcoin were to drop to the predicted $10,000, it would reflect a 90% decrease from its January high of $109,000. On current pricing, around $83,000, this would still represent an 88% decline.
Bitcoin Back to $10,000? Peak Leveraged Beta Risks, Rising Gold – #Gold is up about the same amount in 2025 to March 13 – about 15% – that #Bitcoin is down. But with Bitcoin at about $80,000, what stops those trajectories? About a 6% decline in the S&P 500 could suggest what… pic.twitter.com/aMgL0LANFt
— Mike McGlone (@mikemcglone11) March 14, 2025
McGlone pointed out that if Bitcoin’s trajectory continues downward, it may begin what appears to be a substantial correction. He compared the current market conditions to 2011, an era in which Bitcoin experienced a drastic reduction in value.
Has The Crash Begun?
In a recent post on X, McGlone asserted that Bitcoin’s potential crash toward $10,000 may already be underway. He analyzed the current state of risk markets, suggesting they are overheating as gold prices rise.
He elaborated, stating that while gold has seen a 1% increase, Bitcoin has steadily declined. He asked, “But with Bitcoin at about $80,000, what stops those trajectories?” further indicating a cross comparison with a possible 6% decline in the S&P 500.
According to McGlone, factors such as the largest ETF launch in history, a shift towards volatile cryptocurrencies, and political events could signal a peak bubble for Bitcoin, drawing parallels to the dot-com bubble approximately 25 years ago.
A Rebuttal of the Analysis
In response to McGlone’s predictions, several Bitcoin proponents and analysts have voiced skepticism. Crypto analyst David Weisberger challenged McGlone’s conclusions, arguing that his assessment fails to consider several critical aspects of Bitcoin’s market dynamics.
“When one considers an option as an asset, THIS is what happens to one’s analysis. If there was ZERO increase in Bitcoin adoption and IF those who invested thinking Bitcoin will demonetize gold change their minds and IF the stock market correction turns into a rout, and IF ‘BETA’ was stable, then this scenario could play out,”
Weisberger expressed his belief that a stock market crash is highly unlikely, suggesting that increased liquidity would ultimately benefit Bitcoin. As the ongoing discussions unfold, the crypto community remains divided on the future trajectory of Bitcoin amidst these troubling forecasts.
Featured image from Gemini Imagen, chart from TradingView
