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Bloomberg's McGlone Predicts Steep Bitcoin Plunge Amid Rising Gold Interest

Bloomberg analyst Mike McGlone warns that Bitcoin could plummet to $10,000, marking an 88% decline from current levels, as investor preference shifts from cryptocurrencies to gold. McGlone suggests that Bitcoin's fall is driven by its high correlation with volatile risk assets and sees parallels to historic asset bubbles, like the dot-com crash. Gold's rising appeal, underscored by substantial inflows into gold ETFs in 2025, contrasts with Bitcoin's significant drop. McGlone's analysis on the X social media platform indicates that an approximate 6% drop in the S&P 500 could further impact Bitcoin's price. This shift comes amid the largest Bitcoin ETF launch in history and changing economic policies under President Trump, which have heightened market uncertainties. Bitcoin, once a leader in risk-asset rallies since the 2009 financial crisis, might now be facing a severe correction as market dynamics evolve.