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<a href="https://xpertsstudio.com/<a href="https://xpertsstudio.com/bitcoin-liquidation-heatmap-puts-64-6k-in-focus-news/” title=”Bitcoin Liquidation Heatmap Puts $64.6K in Focus | News”>bitcoin-underperforms-sp-500-on-two-thirds-of-days/” title=”Bitcoin: Underperforms S&P 500 on Two-Thirds of Days”>Bitcoin Price Is Heading to $10,000, Says Bloomberg Analyst Again — Here’s Why
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Mike McGlone believes Bitcoin’s weakness below $69,000 strengthens his forecast of a return toward $10,000.
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Unlike his earlier warnings, McGlone now considers Bitcoin’s price action evidence that structural catalysts are unwinding.
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A fall to $10,000 is possible but would likely require several bearish catalysts to coincide.
Bitcoin’s continued price weakness below $69,000, even as US stocks trade near record highs, has convinced Bloomberg Intelligence strategist Mike McGlone that its decline may be far from over.
Despite McGlone’s months-long warning that Bitcoin could return to $10,000, his latest argument goes beyond exhausted crypto catalysts.
This time, he views Bitcoin’s relative weakness against equities as evidence that the market is already reverting toward its pre-pandemic lows.
Bitcoin’s price was trading near $64,100 on August 18, approximately 49% below the record $126,198 reached in October 2025.
McGlone Says Bitcoin’s “Faustian Bargain” Is Unwinding
In an August 166 post on X, McGlone described Bitcoin’s current price position as a possible “Faustian bargain unwind.”
“Bitcoin showing comfort below $69,000 … may signal continued reversion toward $10,000,” he wrote.
His argument noted the extraordinary monetary stimulus introduced during the COVID-19 pandemic.
McGlone said the “biggest money pump in history” helped drive Bitcoin to approximately $69,000 in 2021.
Bitcoin did not decisively revisit that level until US spot exchange-traded funds launched in 2024.
Donald Trump’s reelection later that year—and his pivot toward favorable crypto policies—provided another catalyst, helping Bitcoin move above $100,000, the analyst said.
McGlone believes those events pulled future demand forward.
Now that both catalysts have materialized, Bitcoin needs new buyers to sustain prices that were established under unusually favorable conditions.
McGlone’s chart compared Bitcoin with the Nasdaq-100 Index relative to the S&P 500, intending to show that Bitcoin has behaved like an amplified bet on technology.
If technology stocks begin to lose leadership and Bitcoin continues to follow that relationship, McGlone expects Bitcoin to fall further.
His destination is the 2019–2020 average near $10,000, which he views as Bitcoin’s foundation before pandemic stimulus, spot ETFs, and the Trump-era crypto rally.
The “Faustian bargain,” in other words, is that Bitcoin achieved mainstream legitimacy but became increasingly dependent on the liquidity and political support that delivered it.
Source: finance.yahoo.com