EddieJayonCrypto
14 Mar 25
Senior Bloomberg analyst Mike McGlone warns that Bitcoin (BTC) could plummet by nearly 90% to $10,000 due to favorable conditions in the gold and stock markets. He notes that gold has outperformed Bitcoin in 2025 and suggests that a decline in the S&P 500 could further impact BTC's trajectory. McGlo...
Senior Bloomberg analyst Mike McGlone warns that Bitcoin (BTC) could potentially plummet by nearly 90% to $10,000 due to favorable conditions in the gold and stock markets. He highlights a shift in investor appetite from BTC to gold, as evidenced by ETF data. According to McGlone, there’s currently nothing stopping BTC’s downward trajectory, as gold has outperformed the flagship digital asset thus far in 2025.
At the time of writing, Bitcoin is trading at $84,899, and McGlone's projected drop would represent an 88% decrease for the cryptocurrency. He notes that a decline in the S&P 500 could further impact BTC's trajectory. McGlone emphasizes the potential for significant downside for Bitcoin and the implications of the market dynamics.
McGlone tells his followers that the top crypto asset by market cap could free fall to just $10,000 as traders start to heavily favor gold over it. He further notes that investors’ shift from BTC to gold is apparent when looking at ETF data.