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An analyst disclosed on Friday that Bitcoin could endure a 91% drop from the cryptocurrency’s peak of $109,000 per coin in January 2025, indicating that the leading digital currency might face a potential crash.
Associated Reading
Mike McGlone asserts that the original cryptocurrency might descend to a minimum of $10,000 per coin, reigniting worries that Bitcoin could undergo another substantial correction, reminiscent of 2011 when Bitcoin fell by as much as 92%.
BTC To Plunge To $10K?
McGlone, a Senior Commodity Strategist at Bloomberg Intelligence, forecasted that Bitcoin may be on course for what he characterized as a catastrophic collapse, leading to the cryptocurrency dropping to $10,000.
“Bitcoin Back to $10,000? Peak Leveraged Beta Risks, Rising Gold – #Gold is up about the same amount in 2025 to March 13 — approximately 15% — that #Bitcoin is down,” McGlone stated.
Should Bitcoin descend to $10,000, it would mark a 90% reduction from BTC’s all-time high of $109,000 in January 2025. Conversely, it would represent an 88% decline based on its current valuation of around $83,000.
Bitcoin Back to $10,000? Peak Leveraged Beta Risks, Rising Gold – #Gold is up about the same amount in 2025 to March 13 — approximately 15% — that #Bitcoin is down. But with Bitcoin around $80,000, what halts those trajectories? About a 6% decline in the S&P 500 could suggest what… pic.twitter.com/aMgL0LANFt
— Mike McGlone (@mikemcglone11) March 14, 2025
The analyst elaborated that Bitcoin is more inclined to undergo a severe correction that may drive it down to $10,000. Historically, the original cryptocurrency faced a significant correction in 2011 when BTC fell by 92% from its peak at that time.
Has The Decline Commenced?
In a post on X, McGlone indicated that Bitcoin’s drop to $10,000 might already be underway, pointing out that risk markets exhibit indications of overheating while gold appreciates.
The analyst mentioned that gold has appreciated by 1% while Bitcoin has decreased, stating, “But with Bitcoin around $80,000, what inhibits those trends?”
“A decline of about 6% in the S&P 500 could indicate what is significant. The largest #ETF launch in history, President Donald Trump’s transition to highly volatile and speculative #cryptos, and the reelection could signify [a] peak-bubble similar to approximately 25 years ago,” he added in a post, indicating that BTC may have attained the summit of a dot-com-like bubble.
Counterargument To The Analysis
Numerous Bitcoin advocates and analysts contest McGlone’s assessment, with one cryptocurrency analyst, David Weisberger disputing the evaluation of the Bloomberg analyst, conveying that his judgement was flawed.
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“When one views an option as an asset, THIS is what transpires to one’s evaluation. If there was NO increase in Bitcoin adoption and IF those who invested believing Bitcoin would undermine gold change their perspectives and IF the stock market correction transforms into a rout, and IF “BETA” remained constant, Then this scenario could unfold,” Weisberger stated.
He contended that the situation in McGlone’s analysis is improbable to transpire. “I believe none of the aforementioned will occur, with the possibility of a stock market crash, which would naturally unleash a wave of liquidity.”
Featured image from Gemini Imagen, chart from TradingView
