Bitcoin faces mean reversion? Bloomberg senior analyst proposes an extreme target of $10,000

Amid ongoing volatility in the crypto market, Bloomberg senior analyst Mike McGlone recently expressed a provocative view that has attracted market attention. According to his latest social media post, McGlone believes that Bitcoin will not only undergo a significant correction but may also reach an extreme low of $10,000.

From High to Extreme Downside: Logical Deduction

McGlone’s judgment is based on a core assumption: 2025 may mark the peak of this cycle of crypto assets. He points out that Bitcoin is still some distance from the $50,000 support level, but this is merely a midpoint in the mean reversion process, not the final bottom.

According to analysis, the $10,000 target roughly corresponds to Bitcoin’s trading range before the 2020 speculative frenzy. McGlone hints that the sharp rise since then has been mainly driven by a loose liquidity environment. Once this environment reverses, Bitcoin will face pressure to “return to normal.”

Excessive Supply of Crypto Assets Diminishes Investment Appeal

McGlone’s bearish logic also involves a comparison of the intrinsic characteristics of crypto assets. He emphasizes that gold, as a store of value metal, has natural scarcity, with only silver, platinum, and palladium as direct competitors in the real world.

In contrast, since Bitcoin’s inception in 2009, the crypto space has evolved into a vast ecosystem with millions of digital assets. This unlimited supply means that capital entering the space is overly dispersed, weakening the scarcity value proposition of individual assets.

Turning Away from the Bull Camp

It is worth noting that McGlone has not always held this extreme view. In past years, he was one of the institutional figures predicting Bitcoin would break $100,000. Under a loose monetary stimulus environment, he was confident in the “digital gold” narrative.

However, by 2025, his stance has undergone a fundamental shift. The key observation prompting this change is that gold has hit a record high while Bitcoin has lagged behind. This divergence, combined with his judgment that the global economy is entering a deflationary recession, led him to conclude that “cash is king,” thus supporting his aggressive downside target.

Note: As of the time of writing, Bitcoin is priced at approximately $90,800, a slight decline from the previous day.