Key Takeaways
- Bloomberg Intelligence analyst Mike McGlone warns that Bitcoin’s price will drop to $10,000.
- Both ChatGPT and Grok suggest Bitcoin is showing signs of market saturation.
- Technical analysis suggests that Bitcoin may still experience another leg lower before stabilizing.
Bitcoin’s price could drop back toward $10,000, according to a warning from Bloomberg Intelligence analyst Mike McGlone, as the world’s largest cryptocurrency shows growing signs of bearish exhaustion.
While some investors continue to view the recent pullback as a temporary correction within a longer-term bull market, others are increasingly questioning whether Bitcoin’s peak for this cycle has already been reached.
McGlone’s comments have reignited concerns about a deeper drawdown, pointing to a potential return to price levels last seen before Bitcoin’s explosive 2020–2021 rally.
Bitcoin Price May Drop to $10,000
McGlone said many of the catalysts that once fueled Bitcoin’s meteoric rise have already materialized, leaving the asset vulnerable to mean reversion.
Referencing Strategy chairman Michael Saylor’s recent remark that his company buys Bitcoin with capital it “can’t afford to lose,” McGlone acknowledged Saylor’s role in legitimizing the asset during its 2020 breakout, when Bitcoin traded near $10,000.
“I admire and respect Mr. Saylor,” McGlone said. “But much of what the market had been looking forward to has occurred — ETFs, U.S. leaders recognizing Bitcoin’s benefits, and broader mainstream adoption.”
McGlone added that the rapid expansion of the broader crypto ecosystem has diluted Bitcoin’s perceived scarcity.
“There were zero cryptocurrencies in 2009. Now there are roughly 28 million listed on CoinMarketCap,” he said.
“Own it or wear it — I expect Bitcoin to revert back toward $10,000,” he added.
These remarks stand in stark contrast to the bullish narratives from Saylor and other industry leaders who continue to project six-figure Bitcoin prices in the coming years.
Could Bitcoin really fall back to $10,000? CCN asked ChatGPT and Grok to weigh in on the possibility.
ChatGPT’s Bearish Outlook
ChatGPT offered a cautious assessment, suggesting Bitcoin may be exhibiting late-cycle characteristics rather than early-stage growth dynamics.
“The market is displaying classic signs of saturation,” the AI said. “Institutional access has improved, regulatory clarity has increased, and speculative enthusiasm appears fully priced in.”
According to ChatGPT, Bitcoin’s long-term viability remains intact; however, this does not rule out severe drawdowns.
“Historically, Bitcoin has experienced multiple declines of 70% to 85% following major peaks,” it noted. “A move toward significantly lower levels would be consistent with prior post-euphoria phases.”
While stopping short of endorsing McGlone’s $10,000 target outright, ChatGPT said such an outcome “cannot be ruled out.”
Grok’s Blunt Take
Grok, the AI chatbot developed by Elon Musk’s xAI, was less diplomatic.
“People keep acting shocked when Bitcoin falls — like it hasn’t done this exact thing over and over again,” Grok said.
“The only thing more volatile than Bitcoin is the confidence of its most vocal supporters.”
Grok argued that much of the current demand is driven by narrative rather than organic usage.
“When everyone’s already bullish, there’s no one left to buy,” it said. “That’s when gravity kicks in.”
Still, Grok stopped short of declaring Bitcoin finished.
“A brutal drawdown wouldn’t kill Bitcoin,” it added. “But it would absolutely humble a lot of price targets that sound ridiculous even by crypto standards.”
Another Bitcoin Price Drop Still Likely
From a technical perspective, CCN analyst Valdrin Tahiri said Bitcoin’s decline appears to be nearing its final phase, though not before another notable drop.
Tahiri noted that Bitcoin is tracing a five-wave downward structure following its all-time high, a pattern commonly associated with trend exhaustion.
“The most likely target for its conclusion is between $70,100 and $72,000,” Tahiri said, adding that a strong rebound could follow once those levels are reached.
At the time of reporting, Bitcoin was trading around $87,173, down nearly 6% over the past seven days.
“Bitcoin’s failure to reclaim $91,500 has shifted the balance decisively back in favor of the bears,” he wrote.
He added: “With momentum weakening and wave structure indicating a lower trajectory, BTC appears vulnerable to another sharp decline before any meaningful recovery can begin.”
Until key resistance levels are reclaimed, Tahiri concluded, “the path of least resistance remains down.”
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
