Bitcoin price may be on the cusp of a devastating collapse

Bitcoin price may be on the cusp of a devastating collapse, according to Bloomberg Intelligence Senior Commodity Strategist Mike McGlone.

Bitcoin price may be on the cusp of a devastating collapse to $10,000, according to Bloomberg Intelligence Senior Commodity Strategist Mike McGlone.

In two separate X posts on Friday, March 14, McGlone argued that the largest cryptocurrency by market cap could crash to $10,000 as the leveraged beta peaks and gold rises.

For context, a crash to $10,000 will represent a 91% decline from Bitcoin’s January 2025 all-time high of $109,000 and an 88% decline from its current price of about $83,000.

The last time Bitcoin saw such a deep correction was in 2011 when it crashed as much as 92% from its highs.

McGlone highlighted that Bitcoin was born when the stock market bottomed from the 2008 financial crisis and has led “one of the greatest risk-asset rallies in history,” but suggested that this rally may now be at an end.

In a separate post, the Bloomberg analyst called attention to the record Bitcoin exchange-traded fund launch and President Donald Trump’s pro-crypto shift and argued that the digital asset was at the peak of a dot-com-style bubble.

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