Despite a growth of critics questioning Bitcoin, institutional adoption has continued to expand. | Source: CCN
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Key Takeaways
Bloomberg strategist Mike McGlone warned Bitcoin could fall to $10,000.
Critics continue to question Bitcoin’s investment case.
Institutional adoption remains active despite volatility.
A senior strategist at Bloomberg Intelligence warned that the recent downturn in crypto could be an early signal of the next U.S. recession, arguing that Bitcoin’s (BTC) price could fall to $10,000.
He said the weakness in crypto could foreshadow a broader correction in U.S. stocks and signal a potential end to years of “buy the dip” optimism.
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Mike McGlone: Bitcoin Price Could Drop Toward $10,000
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, has again reiterated his base case for Bitcoin, claiming it could fall to $10,000.
McGlone wrote on LinkedIn that “collapsing Bitcoin/cryptos may guide the next recession.”
“The crypto bubble is imploding,” he wrote, adding that rising volatility in digital assets could “trickle up to stocks.”
McGlone said Bitcoin’s performance is closely tied to U.S. equities, particularly given its high-risk profile.
If the stock market turns lower, he argued, Bitcoin may struggle to hold key levels.
Mike McGlone has continued to argue that a dramatic drop in Bitcoin’s price could be incoming. | Source: LinkedIn
He noted that on Feb. 13, Bitcoin — when divided by 10 on his chart — was trading at roughly the same level as the S&P 500, with both below 7,000.
A decline in the S&P 500 toward 5,600, he said, could correspond with Bitcoin falling toward about $56,000.
Beyond that, he warned that a broader stock market peak could trigger a much deeper crypto correction, which would fit into his scenario for Bitcoin to revisit $10,000.
McGlone added that the long-standing “buy the dip” mindset that has supported markets since the 2008 financial crisis may also be coming to an end.
Why He Thinks It Could Trigger a Recession
McGlone argued that a deep crypto selloff may “guide the next recession.”
He said Bitcoin and other crypto have increasingly traded like high-volatility “beta” assets, making them a potential early indicator of stress that can later spill into stocks and credit markets.
McGlone pointed to a combination of factors he said resemble late-cycle conditions, including:
Record-high U.S. equity valuations relative to GDP.
Unusually subdued volatility in major stock indexes.
Rapid shift of investor demand toward gold and silver.
If crypto continues to slide while volatility rises, he suggested it could accelerate a de-risking cycle, which would hit household wealth, speculative investment, and corporate sentiment.
Debate Over Bitcoin’s Value Continues
McGlone’s warning comes amid a growing wave of bearish narratives making headlines, with criticism from some market commentators.
Financial Times columnist Jemima Kelly, speaking recently on CNBC, argued that Bitcoin’s value was “zero.”
The columnist claimed the asset has no intrinsic worth and that its scarcity narrative is undermined.
While Bitcoin’s supply is capped at 21 million coins, Kelly said investors must continually accept the idea that Bitcoin is uniquely scarce despite the existence of competing tokens.
FT columnist Jemima Kelly tells CNBC Bitcoin's true value is $0 because endless altcoins kill its scarcity argument. 🤡 pic.twitter.com/b5hIV3TwYX
In the same interview, she also claimed Bitcoin bulls frequently introduce new narratives to sustain interest — such as the recent discussions around AI agents.
Anthony Pompliano, on Feb. 9, told CNBC that “both Bitcoin and stablecoins” were going to be the money “for all of these AI agents.”
Bitcoin Price and Institutional Adoption Holds Despite Warnings
Despite a growth of critics questioning Bitcoin, institutional adoption has continued to expand as long-term support grows for the asset.
Companies such as Strategy, Metaplanet and MARA have continued to add Bitcoin to their balance sheets as part of corporate treasury strategies.
Despite major drawdowns recently, Bitcoin is still up sharply over the past five years, marking a 37% increase at its recent trading price.
Despite recent pullbacks, Bitcoin’s price has remained positive in the last five years. | Source: CoinMarketCap
Price around 17 Feb 2021: $49,207.28.
Current price (17 Feb 2026): $67,837.66.
Percentage gain over 5 years: 37.86%.
Several major banks and asset managers have also continued to expand their crypto-related services in recent years.
U.S. banking giant JPMorgan recently announced Bitcoin’s attractiveness relative to gold has improved, despite gold’s recent rally.
“The large outperformance of gold vs. Bitcoin since last October coupled with the sharp rise in gold volatility has led to Bitcoin looking even more attractive compared to gold over the long term,” JPMorgan analysts said.
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.
