Mike McGlone, the Senior Commodity Strategist at Bloomberg Intelligence, has set a firm outlook for Bitcoin in 2026. He suggests that the recent rally toward the $90,000 mark in January might already be the peak for this year if overall market pressures resurface.
On February 23rd, McGlone shared his insights on X (formerly Twitter), wrapping up a series of analyses released over several days. Notably, he describes Bitcoin as “the tip of the risk-asset iceberg,” emphasizing that it should not be viewed as an isolated digital asset but rather as part of broader market dynamics. He also warns that Bitcoin prices approaching $90,000 could present “potentially prudent shorting opportunities” when considering its opening levels in 2026.
Bitcoin Faces Possible Pullback Toward $10,000
McGlone has reiterated his somewhat controversial view—earning him the nickname “McGloom” within crypto communities—that Bitcoin might revert to around $10,000 under typical market correction conditions.
He anchors this forecast by referencing trading patterns from before the pandemic and highlights a key price range between $28,000 and $66,000 based on post-2023 behavior as a likely mean or modal zone for Bitcoin’s value.
The strategist points out that if Bitcoin fails to sustain levels near mid-$70,000 or decisively drops below $64,000, it would reinforce his thesis that cryptocurrencies are leading other risk assets downward. This scenario could trigger what he calls a reverse wealth effect—where declining valuations in digital currencies exert downward pressure on stocks, industrial metals prices and even government bond yields.
According to McGlone’s perspective, peaks seen in January across various assets such as Bitcoin itself along with gold silver and bond yields may represent synchronized highs for 2026 should economic indicators worsen throughout the year.
Although some critics dispute his prediction of a potential drop to $10K for BTC,$BTC, McGlone maintains this forecast without retraction. Instead he frames it as an extreme boundary within an overarching theory centered on mean reversion trends.
The core takeaway from McGlone’s analysis remains steady: rather than defying macroeconomic forces,$BTC‘s price movements will probably reflect—and possibly amplify—the larger economic environment during 2026.