In his latest social media post, Bloomberg’s McGlone warned of a bearish turn for Bitcoin, outlining a downbeat forecast for the flagship cryptocurrency. The analyst pins a mean-reversion target at $10,000, arguing that the price could revert to levels seen before the post-2020 mania. He notes that the crypto asset class is inflationary and infinite, contrasting with gold’s scarcity and suggesting that over-supply could dampen capital inflows.
McGlone, once a vocal bull, has acknowledged that his stance has shifted. He has argued for years that Bitcoin could reach $100,000, and during the stimulus era he saw it maturing into a global reserve asset. By 2025 he had moved away from the “digital gold” narrative, pointing out a divergence as gold hit new highs while Bitcoin lagged.
He contends that the global economy may be entering a deflationary recession, in which cash remains king. A drop to $10,000 would, in his view, represent a return to normal, and the following year could witness a dramatic reversion to the mean.
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