Bloomberg analyst reiterates the $10,000 prediction for Bitcoin.

Bloomberg Senior Commodity Strategist Mike McGlone reiterated his prediction that Bitcoin could drop to 10,000 dollars.

The strategist argued that the drop to this level would only be a "simple mean reversion." According to McGlone, the leading cryptocurrency gained value recently by leaning on the historic upward trend in US stock markets. He noted that when this support factor disappears, a sharp correction in the value of Bitcoin could occur.

In a recent interview, McGlone stated that Bitcoin is not a "safe haven" as often claimed. "Bitcoin has three times the volatility compared to gold and the S&P 500. People are paying a heavy price for this," he said.

The strategist recalled that in the past, he correctly predicted the level that Bitcoin would reach by 2025, emphasizing that the current pullback to 10,000 dollars after this rise would be a common mean reversion in the market. According to him, such pullbacks are typically a classic situation that results from prices peaking after major ETF launches.

On the other hand, McGlone also stated that Bitcoin could exhibit strong performance again this year. He emphasized that caution should be exercised before this rise, saying, "If gold continues to leave everything behind, it is a significant warning."

Published: April 11, 2025 13:44