In a recent update on social media, Bloomberg’s Mike McGlone has forecasted a severe decline for Bitcoin, the leading cryptocurrency.
He tweeted: “Bitcoin $50,000 in 2026 On the Way to $10,000? 2025 might have been the peak year for Bitcoin and cryptocurrencies. Gold only competes with three major precious metals: silver, platinum, and palladium. In contrast, Bitcoin was launched in 2009 but now faces millions of digital asset rivals.”
McGlone is convinced that $50,000 will not serve as a stable support level for Bitcoin; rather, he views it as just an intermediate milestone.
The analyst suggests that 2025 likely marked the climax of this cycle. The following year is expected to bring about a dramatic “reversion to the mean.”
His target price for this mean reversion stands at approximately $10,000.
The rationale behind this figure is that around $10,000 was where Bitcoin traded before the speculative frenzy post-2020. McGlone attributes much of its price surge since then to excessive liquidity flooding into markets. A fall back to $10K would represent a normalization.
No True Scarcity?
According to McGlone’s perspective, gold’s value stems from its fundamental scarcity—not merely its mining difficulty. For those seeking physical stores of value among precious metals besides gold there are only silver, platinum and palladium options available.
Conversely, he describes cryptocurrencies as inherently inflationary with an unlimited supply due to countless competing tokens entering circulation continuously.
This glut of crypto assets dilutes investment capital flowing into the sector in his view.
A Shift From Bullishness
Interestingly enough, McGlone wasn’t always bearish on Bitcoin. For years he was one of Wall Street’s most vocal institutional proponents predicting it would reach six figures ($100K).
During periods characterized by massive stimulus spending he maintained strong optimism about Bitcoin evolving into a global reserve currency alternative.
However by 2025 his stance changed completely—he abandoned the narrative framing bitcoin as “digital gold” after observing divergence trends: while gold surged toward record highs bitcoin lagged behind significantly.
He now believes we are heading into a deflationary recession globally where cash holds superior value—this underpins his extremely pessimistic forecast for bitcoin prices moving forward.
In a recent update on social media, Bloomberg’s Mike McGlone has forecasted a severe decline for Bitcoin, the leading cryptocurrency.
He tweeted: “Bitcoin $50,000 in 2026 On the Way to $10,000? 2025 might have been the peak year for Bitcoin and cryptocurrencies. Gold only competes with three major precious metals: silver, platinum, and palladium. In contrast, ...”
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