Bloomberg Intelligence Senior Commodity Strategist Mike McGlone has made a doomsday prediction for Bitcoin. The strategist predicted that BTC could crash to the $10,000 level if a series of events occurred in the markets. He warned that gold prices above the $3,000 mark are a triggering point for other assets to plummet in value. The development puts pressure on the broader stock and cryptocurrency market, which could lead to a downward trajectory.

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Bitcoin BTC $83,750
Source: Coingecko

Bitcoin is currently hovering around the $83,750 level and remains trading sideways in the charts. It has dipped close to 15% in the last 30 days and is exactly opposite to gold where it rose nearly to 15% year-to-date. The inflow of funds from institutional investors is moving into gold and the commodity markets leaving stock and cryptocurrencies in the limbo. The move could put BTC on a slippery slope with higher chances of a price dip.

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Bitcoin: BTC to $10,000? Analyst Warns of a Disaster

bitcoin btc crash sinking fall dip underwater titanic
Source: Twitter

McGlone wrote in his latest research paper that if gold rises further, Bitcoin has more chances of heading south. He added that if the S&P 500 index dips another 6%, it could cause damage to both stocks and BTC. “Bitcoin back to $10,000? Peak leveraged beta risks, rising gold. Gold is up about the same amount in 2025 to March 13 about 15% that Bitcoin is down. But with Bitcoin at about $80,000, what stops those trajectories? About a 6% decline in the S&P 500 could suggest what matters,” he wrote on X.

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The analyst wrote that Trump’s bet on speculative cryptocurrencies could fuel the Bitcoin crash further. “The biggest ETF launch in history, President Donald Trump’s shift to highly volatile and speculative cryptos, and reelection could prove peak-bubble akin to about 25 years ago,” he summed it up.

However, McGlone’s research paper has a lot of ‘IF’ citing ‘IF THIS’ happens then BTC could crash. Nonetheless, if nothing happens, like the S&P 500 dipping another 6%, Bitcoin might not plummet.

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