While the crypto market is attempting to establish itself in a new cycle, Senior Strategist at Bloomberg Intelligence Mike McGlone has published an updated Bitcoin price outlook. His key thesis remains unchanged: Bitcoin retains the risk of returning to the $10,000 level — a level the analyst calls a “fundamental anchor.”
McGlone’s argument is based on mathematical regression. The $10,000 level is not just a psychological mark but the most traded price zone since the launch of Bitcoin futures in 2017.
Why McGlone brought up $10,000 Bitcoin ($BTC) price target
According to the strategist, the anomalous growth of 2020-2021 was driven by the “greatest monetary expansion in history.” Now that excess liquidity has left the markets, $BTC may gravitate toward its natural mean — where it stood before the 2020s began.
McGlone draws a hard line between Bitcoin and the rest of the market. As of April 2026, there are millions of crypto assets in existence, but the strategist emphasizes that the overwhelming majority of tokens have no real backing, and the only segment of the industry demonstrating real utility is stablecoins.
Therefore, in the current economic uncertainty of 2026, investors are increasingly choosing gold, leaving Bitcoin in the category of “high-risk assets with a high beta coefficient.”
Despite the fact that Bitcoin is currently trading significantly above the projected minimum, the Bloomberg report serves as a reminder of the risks of a “bubble burst.”
McGlone warns that if the stock market, particularly the S&P 500, faces a prolonged recession, crypto assets — as the most speculative segment — will suffer first. In this context, a return to $10,000 would simply represent a cleansing of the market from excess speculation.
