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An analyst revealed on Friday that Bitcoin might suffer a 91% decline from the coin’s all-time high of $109,000 per coin in January 2025, suggesting that the most popular cryptocurrency could potentially crash.
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Mike McGlone believes that the firstborn crypto might plummet to a low of $10,000 per coin, reigniting concerns that Bitcoin might experience another deep correction similar to 2011 when Bitcoin dipped by as much as 92%.
BTC To Crash To $10K?
McGlone, a Senior Commodity Strategist at Bloomberg Intelligence, predicted that Bitcoin might be heading to what he described as a devastating collapse, resulting in the crypto sliding 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 — about 15% — that #Bitcoin is down,” McGlone said.
If Bitcoin will plunge to $10,000, it will represent a 90% decrease from BTC’s all-time high of $109,000 in January 2025. On the other hand, it will fall by 88% if based on its current price of about $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 — about 15% — that #Bitcoin is down. But with Bitcoin at about $80,000, what stops 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 explained that Bitcoin is more likely to face a significant correction that might push it downward to $10,000. Historically, the firstborn crypto experienced a deep correction in 2011 when the BTC declined to 92% from its high at that time.
Has The Crash Begun?
In an X post, McGlone suggested Bitcoin’s crash to $10,000 may have already started, citing that risk markets are showing signs of overheating while gold rises.
The analyst explained that gold has increased by 1% while Bitcoin went down, saying, “But with Bitcoin at about $80,000, what stops those trajectories?”
“About a 6% decline in the S&P 500 could suggest what matters. The biggest #ETF launch in history, President Donald Trump’s shift to highly volatile and speculative #cryptos, and reelection could prove [a] peak-bubble akin to about 25 years ago,” he added in a post, suggesting that BTC might have reached the peak of a dot-com-style bubble.
Rebuttal Of The Analysis
Many Bitcoin proponents and analysts disagree with McGlone’s analysis, with one crypto analyst, David Weisberger countering the evaluation of the Bloomberg analyst, saying his assessment was flawed.
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“When one considers an option as an asset, THIS is what happens to one’s analysis. If there was ZERO increase in Bitcoin adoption and IF those who invested thinking Bitcoin will demonetize gold change their minds and IF the stock market correction turns into a rout, and IF “BETA” was stable, Then this scenario could play out,” Weisberger explained.
He argued that the scenario in McGlone’s analysis is unlikely to happen. “I think none of the above will happen with a chance the stock market crashes, which, of course, would trigger a flood of liquidity.”
Featured image from Gemini Imagen, chart from TradingView
