$1.4 trillion. That’s Bitcoin’s market cap today, Monday morning, with the coin trading at $70,000. Drop it to $10,000, and poof—down to $200 billion, levels not seen since the dark days of July 2020.
Bloomberg Intelligence’s Mike McGlone just reiterated the nightmare scenario. In a LinkedIn post and podcast appearance, he’s betting on a massive unwind—the biggest money pump in history reversing course.
“I see a hurricane coming in, and it’s my duty to warn you,” McGlone said during The Wolf Of All Streets Podcast with Scott Melker on Monday. “Don’t reject the bear, just accept it.”
He’s not alone in spotting storm clouds, but McGlone’s call stands out for its precision. Bitcoin’s most traded price since 2017? You guessed it—$10,000. That was the year futures launched on Cboe and CME, sucking in speculators like flies to honey. Fast-forward, and we’ve got millions of altcoins diluting the pot—meme trash like Dogecoin and Shiba Inu that McGlone says deserve to purge to zero.
But here’s the data that chills: since its all-time high above $126,000 in October, Bitcoin’s already shed 45%. ETFs brought institutions, sure, but McGlone argues they’ve sanitized the thrill. “Bitcoin is no longer exciting,” he says. Risk assets correlating tighter with stocks? Volatility spillover guaranteed.
Why Stablecoins Could Eclipse Bitcoin
Tether’s USDT sits at $184 billion market cap—third place, behind Bitcoin and Ethereum. McGlone’s wild wager: it’ll top them both. Dollar-pegged cryptos as the enduring trend? Makes sense when you crunch the numbers. Bitcoin’s dominance has slipped from 70% in 2017 to under 50% now, fragmented by 20,000+ tokens (most worthless).
Look at trading volumes. USDT dominates on-chain flows, the lifeblood of crypto trades. It’s the on-ramp, off-ramp, everything-ramp. If Bitcoin craters, liquidity flees to stables—history rhymes with gold’s dethroning by fiat post-Bretton Woods. My unique take? This isn’t just dilution; it’s a paradigm shift. USDT surpassing BTC would mark crypto’s maturation into a payments rail, not a speculative casino. Hype it as freedom money all you want—data says utility wins.
Short paragraphs hit hard.
McGlone admits $75,000 is the line in the sand. Break above convincingly? His bear case dies. Last month, geopolitical jitters spiked it to $75,600 before retreat. But with Fed liquidity drying up—post-pandemic pump deflating—momentum’s fading.
Will Bitcoin Really Hit $10K This Year?
Eighty-five percent drawdown. Sounds insane, right? Yet precedents abound. 2018: 84% crash from $19K to $3.2K. 2022: 77% from $69K to $15K. Pandemic boom fueled 20x gains; now the purge. McGlone calls it market excesses flushing out—meme coins first, majors next.
ETFs changed the game, pulling in suits who hate 80% drops. BlackRock’s IBIT alone holds 300,000+ BTC. Broader investor base should dampen swings, analysts say. But correlation’s the killer. Nasdaq down 10%? Bitcoin follows, no questions.
And Tether? Regulators circling—NYAG settlement in 2021, ongoing probes. If USDT wobbles, cascade risk spikes. McGlone’s hurricane might clip everyone.
Data doesn’t lie, though. Open interest in BTC futures? Peaking like 2021, pre-crash. Funding rates negative in perps—shorts piling in. RSI oversold? Nah, still room to bleed.
Is the Crypto Boom Truly Over?
McGlone’s no perma-bear; he’s commodities-focused, eyeing macro tides. Risk-on unwind mirrors 2008, dot-com echoes. Bitcoin as digital gold? Tarnished when yields rise—10-year Treasuries at 4.2%, sucking capital.
Bull counter: Halving cycle. Post-2024 halving, history says new highs by year-end. But this cycle’s warped—ETFs front-loaded demand. My sharp position: McGlone’s right short-term. $10K plausible by Q4 if stocks tank. Long-term? Survives, but as sidekick to stables.
Corporate spin from crypto maxis calls this FUD. Please. Data’s screaming caution—McGlone’s just the messenger.
Bitcoin’s financialization via ETFs and options? Double-edged. More liquidity, but commoditized like corn futures. Excitement gone, volatility tamed—until it’s not.
We’ve wandered through charts, quotes, history. Bottom line: brace. That 2017 $10K level? Magnet for price.
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Frequently Asked Questions**
What is Mike McGlone’s Bitcoin price prediction?
He sees it dropping to $10,000 this year, an 85% fall from current $70K levels, due to altcoin dilution and market unwind.
Why does McGlone think Tether will beat Bitcoin?
USDT’s dollar peg makes it the enduring trend; it’s already third-largest by market cap at $184B, dominating trading volumes.
Can Bitcoin avoid a crash above $75K?
Yes—McGlone flags $75K as key support; sustained break higher invalidates his bear case.
