Bitcoin could fall to $10,000 in 2026, says Bloomberg analyst

Bloomberg commodity analyst Mike McGlone has renewed debate over how low Bitcoin could fall, arguing that the cryptocurrency may drop to as low as $10,000 later this year. At the time of writing, Bitcoin is trading around $66,000, and McGlone’s forecast implies a steep decline that would be disruptive for the broader digital asset economy.

McGlone’s $10,000 Bitcoin scenario

McGlone said the 2020–2021 period involved a “massive monetary expansion,” and argued that before that phase Bitcoin traded near $10,000. He characterized $10,000 as a natural equilibrium and a “fair price” for the leading cryptocurrency.

In a chart he shared with the post, titled “Bitcoin Led the Way Up and May Back Down,” McGlone compared Bitcoin’s yearly candles with the S&P 500, suggesting that while stock market growth has cooled or stabilized, Bitcoin may be moving downward. He framed this as potentially signaling the start of one of the largest price declines in history.

Broader calls on commodities and crypto

McGlone also predicted a post-inflation, deflationary reset for commodities, saying oil could fall back to $40 and gold could reach $4,000.

On the crypto market, he dismissed many of the cryptocurrencies launched since, arguing that only a few offer tangible value. He did, however, highlight stablecoins and their “borderless” utility, saying they are likely to remain relevant for the time being.

Market reaction and pushback

Responses on social media ranged from disagreement to accusations that McGlone was spreading “FUD” (fear, uncertainty, and doubt) to push Bitcoin lower and benefit Bloomberg’s institutional clients.

One user argued that derivatives—such as options and perpetual futures—have become central to trading, and that liquidity has continued to build over time. The user also pointed to institutional involvement through Bitcoin ETFs, adding that Bitcoin is “less volatile than ever,” challenging McGlone’s premise that BTC could only grow under COVID-era stimulus conditions.

Another thread of reaction involved criticism of Peter Schiff’s longstanding skepticism toward crypto. Crypto holders mocked Schiff’s repeated calls for Bitcoin’s collapse, noting that he has been predicting a “death spiral” for much of the past 15 years without it occurring.