Bitcoin Could Fall to $10,000 If Stocks Drop 20%, Bloomberg Analyst Warns

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, has reiterated a grim prediction: Bitcoin could drop as low as $10,000 in the event of a 20% decline in US equities.

Other analysts have strongly disagreed, citing on-chain metrics and the latest price movements.

A Bitcoin $10,000 Reversion Path Could Trigger Tumbling Dominoes

The first-born crypto led the way up for risk assets since 2009, but Bitcoin's peak above $100,000 in 2025, gold's rise above $5,000 in 1Q and most central banks shifting to restraint alongside surging government…

— Mike McGlone (@mikemcglone11) October 16, 2026

What McGlone Is Forecasting Now

In his October 16 post, McGlone tied the potential drop to wider market dangers. He referenced Bitcoin’s 2025 high above $100,000 and gold’s advance beyond $5,000. Additionally, he mentioned tighter monetary policy and increasing bond yields as indicators that the rally dating back to 2009 could be nearing its end.

McGlone has floated the $10,000 target on multiple occasions in 2026 and before. In August, he argued that Bitcoin’s ease below $69,000 signaled a further drift toward that figure.

Comparable statements emerged in July, June, and September, frequently tying the downside to mean reversion and its link to equity markets. He initially emphasized the view more strongly in early 2025, when Bitcoin was trading around or above $100,000.

His outlook rests on two premises:

• A 20% decline in U.S. equities.
• More restrictive central bank policy.

As of October 18, 2026, Bitcoin was trading around $82,000, according to BeInCrypto figures. That price is about 35% beneath its record high of roughly $126,080, reached in early October 2025.

A fall to $10,000 would consequently represent a far steeper drop.

Are Analysts Convinced by the Bitcoin $10,000 Call?

Critics have reacted strongly. Ki Young Ju, founder of CryptoQuant, noted that spot ETFs have taken in $58 billion. He also said that treasury firms own 1.3 million BTC.

Their reasoning focuses on whether institutional demand can soak up large-scale selling.

Ju contended that even if that capital were to leave, the on-chain cost basis still suggests a bottom around $30,000.

A decline to $10,000 would result in an MVRV ratio of 0.2, far under the lowest historical trough of 0.6. It would also require long-term holders, who have weathered several 75% collapses, to sell in a panic.

Technical analysts provided a more positive outlook. Trader Killa observed that Bitcoin frequently rises during weekends and then reverses on Mondays.

Michaël van de Poppe, meanwhile, described the chart as “not bad at all.” He thinks the next move is more probable to go up than down.

This is not a bad chart, at all.

Perhaps there will be a lot of doom coming in tomorrow on the markets (which if that's the expectation, most likely it won't).

However, looking at higher timeframes for #Bitcoin, it has swept the lows and is starting to show a lot stronger.

I…

— Michaël van de Poppe (@CryptoMichNL) October 18, 2026

McGlone’s persistent warnings continue to fuel discussion. Some traders reject them as obsolete macro analysis, while others view them as a reminder of Bitcoin’s volatility.