Bloomberg's Mike McGlone says Bitcoin risks falling to $10,000.
The commodity strategist says exactly what would prove him wrong: Bitcoin holding above $69,000. And Bitcoin is not the only thing he expects to fall.
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, has been bearish on Bitcoin all year. We know, because we keep track. On August 13 he put a floor under the word "bearish" that stands out even in a market already down hard this year.
"My analysis points to downside risk toward $10,000 unless Bitcoin can sustain a move above $69,000," he wrote, pointing readers to his full report on the Bloomberg terminal.
The call names its own kill switch
The construction matters as much as the number. This is not open-ended doom: McGlone named the level that would invalidate him. Bitcoin trades near $63,400 as we write, so his $69,000 line sits about 9% above the market. Reclaim it and hold it, and the path to $10,000 is off, by his own terms. Fail to, and he is on record pointing 84% below today's price.
His reasoning starts from how Bitcoin traded when stocks stumbled. In the same post he cites Bitcoin's almost 30% decline in 2026 through August 12 against a roughly 15% total return for the S&P 500, and concludes the "first-born cryptocurrency already flunked the big test -- what happens when stocks fall."
He expects almost everything else to fall too
Our record shows something a single post cannot: this is not just a Bitcoin call. McGlone is currently predicting declines in five of the six markets we track him on: Bitcoin, gold, silver, copper, and oil. The only thing he expects to rise is long-term Treasury bonds, through 2026. In plain terms, he thinks money is about to run for safety, and the $10,000 Bitcoin path is the most dramatic version of that bet.
He has company on the direction, but nobody goes as far. Fifteen of the commentators we track have a current view on where Bitcoin goes next, and eight of them see it falling. No other bear's number comes close: Peter Schiff sees $30,000 to $40,000 if $50,000 cracks, and Benjamin Cowen frames the downside as a cycle low landing between late September and mid December. If Bitcoin does fall from here, it will be easy to look back and see who called it, and whose number came closest.
On the record
So it's on the record. Mike McGlone, bearish on Bitcoin, August 13, 2026, and $69,000 is the line that would prove him wrong. The call is a day old, and Bitcoin sits below that line, so it starts alive.
The call comes from McGlone's August 13 post on X, which links his full Bloomberg Intelligence report, and it's worth reading in full.
Mike McGlone's full record ยท Every Bitcoin prediction we track
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