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\n\t\t\t\t\t\t\t\t\tAnalyst warns Bitcoin could crash to $10K as macro stress and risk-asset unwinding signal a bursting crypto bubble if equities slide further.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Bloomberg Intelligence senior commodity strategist Mike McGlone has published a warning suggesting Bitcoin (BTC) could revert toward $10,000 as broader financial market turbulence spreads.<\/p>\n
His remarks framed the current market slide as part of a broader risk-asset unwind tied to stocks, volatility cycles, and macro liquidity.<\/p>\n
McGlone linked<\/a> his outlook to several macro signals, including U.S. stock market capitalization relative to GDP at century highs, unusually low 180-day volatility in the S&P 500 and Nasdaq 100, and a rally in gold and silver that he said is occurring at speeds last seen about fifty years ago.<\/p>\n He characterizes the current environment as one where \u201cthe crypto bubble is imploding\u201d and framed 2026 as potentially reminiscent of 2008 in terms of market turbulence.<\/p>\n The analyst shared a chart that compared Bitcoin divided by ten with the S&P 500, which showed both hovering below 7,000 on February 13. He added that if equities revert toward 5,600 on the S&P, BTC could mirror that move toward about $56,000, then potentially much lower if stocks peak.<\/p>\n \u201cIt seems unlikely that volatile and beta-dependent Bitcoin can stay above this threshold if beta doesn\u2019t,\u201d McGlone wrote, which serves as the centerpiece of his bearish outlook. \u201cInitial normal reversion is toward 5,600 SPX ($56K Bitcoin), then what? Part of my base case for Bitcoin to revert toward $10,000 is a US stock market peak. 7,000 S&P 500, 50,000 Dow can\u2019t be tops \u2014 or else.\u201d<\/p>\n<\/blockquote>\n Recent performance data shows why such warnings are gaining traction. Bitcoin is down about 2% in 24 hours and nearly 28% over the past month, with six-month losses near 39%. Trading activity remains elevated, with roughly $44 billion in futures volume and open interest near the same level, suggesting heavy derivatives positioning during the decline.<\/p>\n Furthermore, a February 16 report from CryptoQuant found<\/a> that about 43% of Bitcoin\u2019s circulating supply is currently at a loss, while the Fear and Greed Index dropped to 8, a level seen during prior crisis periods such as the FTX collapse.<\/p>\n Despite the bearish signals, not all indicators point down, especially considering that data from CryptoQuant shows<\/a> so-called accumulator addresses are buying about 372,000 BTC per month, up from about 10,000 in September 2024.<\/p>\n These wallets meet strict criteria, such as no outflows and multi-year activity, which analysts say reduces distortion and suggests long-term positioning rather than short-term trading.<\/p>\n Institutional behavior also shows major players still have faith in BTC, with Binance confirming<\/a> it completed converting its $1 billion SAFU insurance reserve entirely into Bitcoin and is now holding about 15,000 BTC. Days earlier, a filing showed Goldman Sachs still had\u00a0exposure<\/a> to 13,740 BTC through spot ETFs, even though the value of those holdings had fallen sharply with the price.<\/p>\n Meanwhile, some commentators, like economist Holger Zschaepitz, are watching cross-asset links to explain the prevailing market conditions. The analyst wrote<\/a> on X that Bitcoin has recently moved alongside software stocks under pressure from AI disruption, suggesting tech investors, many of whom hold BTC, may be selling crypto to raise cash.<\/p>\n\n
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