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A bold, controversial call dropped this week — and I think it deserves a serious response rather than dismissal.

Bloomberg Intelligence senior commodity strategist Mike McGlone reiterated his call that Bitcoin could crash to $10,000 — the level he views as its long-term equilibrium price. His thesis hinges on one clear line in the sand: if BTC fails to decisively reclaim and hold $75,000, he argues the path of least resistance leads sharply lower, with $10,000 being the "most traded price zone since 2017, when CME futures launched."

McGlone's argument: "Before the biggest money pump in history in 2020–21, Bitcoin hovered around $10,000, and it may be reverting. Roughly $10,000 is the first-born crypto's most traded price since 2017." With the era of zero rates and stimulus spending now behind us, he argues Bitcoin may revert to that equilibrium.

Here's where I think McGlone is right: the 2020–2021 liquidity environment was genuinely unprecedented, and crypto benefited enormously from it. The macro tailwind that launched BTC from $10K to $69K was partly artificial. That's fair.

But here's where the thesis breaks for me: the 2020–2021 market had no spot ETFs, no corporate treasuries, no SEC/CFTC commodity classification, no Morgan Stanley or BlackRock as active participants. Bitcoin ETFs alone attracted $18.7 billion in net inflows in Q1 2026, with BlackRock's IBIT holding $52 billion in assets. Corporate treasuries hold over 1.1 million BTC. The structural demand floor simply didn't exist at $10,000 in 2019 — it exists now.

Can Bitcoin go lower from here? Yes. Could it test $60K or even $55K on a bad macro scenario? Possibly. But $10,000 would require a complete unwind of the institutional infrastructure built over the last two years. That's not impossible — but it would require a collapse far more severe than anything currently priced in.

What do you think — is $10K a realistic target, or is McGlone missing the new institutional floor? Drop your take below 👇

Not financial advice. DYOR.

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