An analyst revealed on Friday that bitcoin could suffer a 91% drop from the coin's all-time high of $109,000 per coin in January 2025, suggesting the most popular cryptocurrency could potentially crash.
Mike McGlone believes the primordial cryptocurrency could plummet to a low of $10,000 per coin, sparking fears once again that bitcoin could undergo another deep correction similar to 2011 when bitcoin fell by as much as 92%.
BTC will crash to $10K?
McGlone, a senior commodities strategist at Bloomberg Intelligence, predicted that bitcoin could be headed for what he described as a devastating collapse, causing crypto to fall to $10,000.
"Bitcoin returns to $10 000? Peak beta risks with leveraged, rising gold - #Gold has risen by roughly the same amount in 2025 through March 13 - about 15% - that #Bitcoin is down," McGlone said.
If bitcoin were to fall to $10,000, it would represent a 90% decrease from BTC's all-time high of $109,000 in January 2025. On the other hand, it would fall by 88% if based on its current price of around $83,000.
Bitcoin back to $10 000? Peak beta risks with leveraged, rising gold - #Gold rises roughly as much in 2025 by March 13 - about 15% - as #Bitcoin falls. But with bitcoin at around $80,000, what's stopping these trajectories? Around 6% drop in the S&P 500 might 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 could push it down to $10,000. Historically, the primordial cryptocurrency suffered a deep correction in 2011 when BTC dropped to 92% from its highest value at the time.
Has the collapse begun?
In Post X, McGlone suggested that bitcoin's collapse to $10,000 may have already begun, citing that risk markets are showing signs of overheating while gold is rising.
The analyst explained that gold has risen 1% while bitcoin has fallen, saying, "But with bitcoin at about $80,000, what's stopping these trajectories?"
"The 6% or so drop in the S&P 500 might suggest what matters. President Donald Trump's shift to highly volatile and speculative cryptocurrencies may prove that the peak of the bubble is similar to about 25 years ago," he added in a post, suggesting that BTC may have reached the peak of a dot-com-style bubble.
Refutation of the analysis
Many bitcoin supporters and analysts disagree with McGlone's analysis, with one crypto analyst, David Weisberger, disagreeing with the Bloomberg analyst's assessment, saying his assessment is flawed.
"When someone views an option as an asset, THAT is what happens to his analysis if there has been ZERO increase in bitcoin adoption and IF those who invested thinking bitcoin would demonetize gold change their minds and IF the stock market correction turns into a rout and IF 'BETA' is stable, then that scenario could come to pass," Weisberger explained.
He argues that the scenario in McGlone's analysis is unlikely to happen. "I don't think any of the above will happen with a chance of the stock market crashing, which of course would cause a rush of liquidity."