This forecast was shared on the X network by Bloomberg Intelligence senior commodities strategist Mike McGlone, writes forklog.com.
The value of the $75,000 mark
The level named by the expert has repeatedly determined the change in market trends over the past 12 months. The decline in March-April 2025 stopped around $75,000, as did the rally of early 2024. This mark also coincides with important Fibonacci retracement levels.
A sustained move above $75,000 would signal a recovery in structural demand for bitcoin and the end of the downtrend that began with the October peak at $126,000, McGlone said.
If digital gold fails to consolidate or reverses back down again, it will remain in a long-term decline zone with a $10,000 target.
At the time of writing the first cryptocurrency is trading around $68,900.
Attraction Level
This is not the first time McGlone predicts a collapse to $10,000. He argues his position with the historical structure of the market: before the Covid-19 pandemic, the price of the first cryptocurrency consolidated at this very level for a long time.
The subsequent record liquidity inflow became one of the main drivers of digital gold growth.
“Prior to the largest infusion of money in history, bitcoin was hovering around $10,000 in 2020-2021, and there could be a return to that level. Around $10,000 is also the most traded price of the first cryptocurrency since 2017, when futures were launched,” the expert said.
In his opinion, another brake for the asset could be the “explosive growth of the crypto market.”
In 2017, bitcoin was the undisputed leader of the sector. However, since then, millions of new tokens have appeared, which compete for investors’ attention and “divert” capital from the flagship. This abundance of supply has been described by a Bloomberg analyst as a structural impediment.
“The most persistent trend” in the industry right now is represented by stablecoins, McGlone noted. Tether will surpass Ethereum as early as 2026, and eventually bitcoin, he said.
