Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, predicted that Bitcoin could fall to around $10,000, its long-term average level. He pointed out that the correlation between the two assets broke down as the cryptocurrency market showed weakness while the S&P500 index hit an all-time high at the end of May. He also cited the Bloomberg Galaxy Crypto Index (BGCI) falling by half from its 2025 peak to below 2,000 as a bearish signal. McGlone analyzed that the current market has entered a broad bubble unwinding phase and that Bitcoin could experience a correction similar to 2018. However, counterarguments are also being raised in the industry that the $10,000 scenario is unlikely given that BlackRock and Fidelity's spot Bitcoin ETFs are forming a strong demand base. McGlone added that whether Bitcoin recovers to $75,000 will be a key turning point determining the future direction of the market. McGlone had previously predicted in February and April that BTC could plummet to $10,000.
