Bitcoin Faces 90% Decline Warning From Senior Analyst
1min read An analyst has issued a stark warning about the potential decline of Bitcoin, suggesting that the cryptocurrency could plummet to $10,000 per coin. This prediction comes from Mike McGlone, a Senior Commodity Strategist, who believes that Bitcoin might experience a significant correction similar to the one it faced in 2011, when it dipped by as much as 92%.
Ask Aime: What's the likelihood of Bitcoin dropping below $10K?
McGlone's analysis indicates that if Bitcoin were to fall to $10,000, it would represent a 90% decrease from its all-time high of $109,000 in January 2025. Based on its current price of approximately $83,000, this would translate to an 88% decline. The analyst's warning is based on the observation that risk markets are showing signs of overheating, while gold prices are rising. McGlone suggests that a 6% decline in the S&P 500 could indicate that Bitcoin has reached the peak of a dot-com-style bubble, similar to the one experienced about 25 years ago.
McGlone's prediction has sparked debate among Bitcoin proponents and analysts. David Weisberger, a crypto analyst, has countered McGlone's evaluation, arguing that the scenario presented is unlikely to occur. Weisberger points out that for McGlone's analysis to hold true, several conditions would need to be met, including zero increase in Bitcoin adoption, a change in investor sentiment regarding Bitcoin's potential to demonetize gold, and a significant stock market correction. Weisberger believes that these conditions are improbable and that a stock market crash would likely trigger a flood of liquidity into Bitcoin, rather than a decline.
Despite the differing opinions, McGlone's warning serves as a reminder of the volatility and unpredictability of the cryptocurrency market. Investors are advised to approach Bitcoin and other cryptocurrencies with caution, considering the potential for significant price fluctuations. As the market continues to evolve, it is essential for investors to stay informed and make decisions based on a thorough analysis of the available data and expert opinions.
