Will Bitcoin reach $10,000? Bloomberg announces shocking crash prediction

In his latest social media post, Bloomberg's McGlone predicts a catastrophic downward spiral for the leading cryptocurrency.

He is confident that Bitcoin will not stop at the $50,000 “floor” or support level. Rather, he believes the aforementioned price target is just a passing point.

McGlone argues that 2025 is likely to be the decisive culmination of this cycle. Next year will be a year of catastrophic “reversion to the mean.”

Analysts' mean reversion target is currently $10,000.

Why $10,000? This number is approximately what Bitcoin was replacing before the speculative frenzy of the post-2020 era. Bloomberg's leading experts believe that the price increase since then has probably been driven primarily by “excess liquidity.” A fall to $10,000 would mean a “return to normal.”

Isn't there scarcity?

McGlone argues that gold is fundamentally rare, not just because it's difficult to mine. If you need a store of value in precious metals, there are really only three other options in the physical world: silver, platinum, and palladium.

Meanwhile, Bloomberg analysts say the crypto asset class is inflationary and limitless.

McGlone believes this oversupply of “crypto assets” is diluting capital entering the space.

former bull

McGlone wasn't always a bear. In fact, for years he was one of the most vocal institutional investors predicting that Bitcoin was bound to reach $100,000.

McGlone was extremely bullish during the stimulus era. He argued that Bitcoin is maturing into a global reserve asset.

But by 2025, McGlone had completely abandoned the “digital gold” narrative. He began to point out “disparities.'' While gold is hitting new all-time highs, Bitcoin is struggling to keep up.

He believes the world economy is entering a deflationary recession. Cash is king in this environment. Therefore, this is considered to justify his insane goals.