Bloomberg Strategist Warns Bitcoin Could Crash to $10,000 If $75,000 Level Breaks

McGlone Identifies $75,000 as Make-or-Break Level

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, has issued a stark warning for Bitcoin holders: the leading cryptocurrency could plunge to $10,000 if buyers cannot reclaim and sustain the $75,000 level.

«Potential $10,000 Bitcoin in 2026. Prove me wrong — stay above $75,000. Before the biggest money pump in history in 2020-21, Bitcoin hovered around $10,000, and it may be reverting. Roughly $10,000 is also the first-born crypto's most traded price since 2017, when futures were…» — Mike McGlone (@mikemcglone11), original post

The $75,000 mark has repeatedly served as a pivotal level over the past 12 months. The March-April 2025 sell-off found support near this price, as did the early 2024 rally. The level also aligns with key Fibonacci retracement zones.

According to McGlone, a sustained move above $75,000 would signal a recovery in structural demand and the end of the downtrend that began from the October peak at $126,000. Failure to hold, however, would leave Bitcoin trapped in a long-term decline targeting $10,000. At the time of writing, BTC trades around $68,900.

Why This Matters

McGlone's thesis rests on Bitcoin's historical market structure. Before the Covid-19 pandemic, Bitcoin consolidated around $10,000 for an extended period. The unprecedented liquidity injection that followed became one of the primary catalysts for the multi-year rally.

The analyst also points to the explosive proliferation of crypto assets as a headwind. In 2017, Bitcoin dominated the sector unchallenged. Since then, millions of new tokens have emerged, competing for investor attention and diverting capital away from the flagship asset. McGlone characterized this supply abundance as a structural obstacle.

He further noted that stablecoins represent the «most enduring trend» in the industry right now, predicting that Tether will surpass Ethereum in 2026 and eventually overtake Bitcoin as well.

Earlier in April, Glassnode analysts projected that Bitcoin would trade in a prolonged range between $60,000 and $70,000, stating that the cryptocurrency needs a catalyst to resume its upward trajectory.

Short-Term Market Dynamics

Despite the bearish outlook, Bitcoin gained more than 3% over the past 24 hours. Altcoins posted similar moves: Ethereum rose 4.1% and XRP added 3.1%.

Total crypto market capitalization climbed 2.5% to $2.4 trillion. Liquidations over the 24-hour period exceeded $241 million, with $195 million concentrated in short positions.

Geopolitical Tensions and Traditional Markets

The crypto sector showed resilience amid rising geopolitical tensions. On April 5, US President Donald Trump threatened Iran with severe consequences if it does not reopen the Strait of Hormuz. Initially, Tehran was given 10 days, but Trump's latest statements moved the deadline to April 7. In a separate Fox News interview, he said the sides were «negotiating» and called the chances of a deal within 24 hours «good.»

Traditional markets reacted negatively, with the exception of energy commodities:

«BREAKING: US stock market futures fall at the open as President Trump declares Tuesday as "Power Plant and Bridge Day" in Iran: S&P 500: -0.7%, Nasdaq 100: -0.8%, Dow Jones: -0.7%, WTI Crude: +3.0%, Natural Gas: +1.0%, Gold: -0.9%» — The Kobeissi Letter (@KobeissiLetter), original post

Oil prices climbed above $115 per barrel, heightening inflation concerns. According to The Kobeissi Letter's models, if current levels persist for approximately seven more weeks, US CPI inflation would rise to 3.7% — its highest since September 2023.

«Oil prices are now crossing above $115/barrel in the US. As a result, our models indicate that if current levels are sustained another ~7 weeks, US CPI inflation will rise to ~3.7%. This would put US inflation at its highest level since September 2023.» — The Kobeissi Letter (@KobeissiLetter), original post