Bloomberg Senior Analyst Drops Bombshell, Suggests Bitcoin Long-Term Equilibrium Price of $10,000

BlockBeats News, April 6th, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone stated that if Bitcoin fails to regain a foothold above $75,000 and maintain it, the price could fall to around $10,000, a level he believes to be the long-term equilibrium price.

McGlone pointed out that $75,000 is a key technical and psychological level. If effectively surpassed, the bearish view would be invalidated; otherwise, the price may continue its downward trend. Furthermore, McGlone stated that Bitcoin had long fluctuated around $10,000 before 2020, which is also a significant level of trading activity since the introduction of futures in 2017. On the other hand, the potential stock market turmoil and a decrease in volatility could lead Bitcoin to experience its first consecutive decline ever by 2026. "This may be a harbinger of future trends."

McGlone's statement sparked criticism from Bitcoin supporters, accusing him of making unrealistic predictions and many questioning the accuracy of his past extreme forecasts. In 2018, McGlone predicted that Bitcoin would drop to $1,100, but the actual low was $3,000. Additionally, between 2023 and 2025, he repeatedly issued bearish signals, such as predicting that Bitcoin would struggle to break new highs or face significant pullbacks.