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On-chain analyst Darkfost pushed back on Bloomberg’s view that Bitcoin could fall to $10,000 if U.S. stocks drop 20%, saying the scenario is unlikely.
Darkfost said a decline to $10,000 from current levels would imply a crash of 92% from Bitcoin’s peak and 87% from its current price. Darkfost added that a drop of more than 92% has happened only once in Bitcoin’s history, in 2011, when its market capitalization was just $117 million and it fell 92.9%. At a time when Bitcoin’s market capitalization stands at $2.45 trillion, such a move is highly unrealistic, Darkfost said. Darkfost also said Bitcoin fell 80% to $3,800 when the S&P 500 underwent a 19.5% correction in 2018, but during a 19% stock-market correction in April 2025, Bitcoin declined 22%, showing stronger downside resilience.