Mike McGlone, a strategist at Bloomberg Intelligence, maintains his stance that Bitcoin has the potential to rebound to $10,000. His viewpoint is grounded not in faith or promotional rhetoric but in analyzing who purchased Bitcoin previously, the timing of those investments, and the remaining pool of buyers at current price points.
Back in 2020, Bitcoin hovered around the $10,000 mark. This period marked significant accumulation by Michael Saylor and a select group of corporations buying large quantities. Their acquisitions were crucial as they absorbed available supply and drove prices upward. As Bitcoin’s value increased, additional investors entered later stages without requiring fresh demand to push prices higher.
The subsequent surge was fueled by spot Bitcoin ETFs entering the market. These funds provided Wall Street investors with direct access to Bitcoin investments on a large scale. This influx injected new demand and supported elevated price levels; however, these funds have already been deployed into the market.
According to McGlone’s analysis, this dynamic shifts when considering current conditions. The same entities hold much of the existing Bitcoin supply; ETF inflows diminished after their initial launch phase. Corporations ceased accumulating more coins for their balance sheets while early adopters still control substantial portions with considerable unrealized profits—factors that can trigger selling pressure during price declines.
Market Evolution
The investment landscape has dramatically transformed over time as well. CoinMarketCap now tracks roughly 28 million cryptocurrencies compared to just one back in 2009—Bitcoin itself—which means capital allocation no longer defaults solely toward it but disperses among thousands of alternative digital assets.
McGlone draws parallels between today’s crypto environment and stock markets before 2007: prices remained elevated temporarily despite tightening fundamentals until buyer participation waned enough for sellers’ influence to dominate downward movements. Michael Saylor’s holdings exemplify this reality; his company possesses approximately 671,268 BTC acquired at an average cost near $74,&978 per coin—a commitment representing locked-in capital rather than fresh purchasing power capable of sustaining prices amid downturns.
Within this framework, McGlone identifies $10,&000 as a pivotal reset point for Bitcoin moving forward.