Mike McGlone says Bitcoin could drop to $10,000 as ETF-driven trade loses momentum and macro pressure builds
first published 2026-10-23T13:18:04Z
Bloomberg Intelligence strategist Mike McGlone says Bitcoin may fall to $10,000. He argues the ETF launch marked exhaustion in the trade, says Bitcoin now behaves like a high-beta stock, and points to Federal Reserve rate hikes and broader macro pressure as headwinds for crypto and other assets.
AI Analysis
The summary presents a direct bearish Bitcoin call from a Bloomberg strategist, tied to ETF trade exhaustion and ongoing macro headwinds. It is relevant to short-term traders because it discusses a specific downside target and current market pressures on BTC.
Expected Investor Sentiment: Very Bearish
Potential Market Impact: Significant
