Senior Bloomberg analyst Mike McGlone is warning investors that Bitcoin (BTC) could crater nearly 90% from its current price due to the conditions of the gold and stock markets.
In a new thread on the social media platform X, McGlone tells his 66,900 followers that the top crypto asset by market cap could free fall to just $10,000 as traders start to heavily favor gold over it.
[adinserter block="1"]“$100,000 Bitcoin might lose a zero, favoring gold – Bitcoin was born about when the stock market bottomed in 2009 and has been a leader of one of the greatest risk-asset rallies in history, which may suggest what matters.”
According to McGlone, there’s currently nothing stopping BTC’s downward trajectory, as gold has outperformed the flagship digital asset thus far in 2025.
“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.
The biggest exchange-traded fund (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.”
Bitcoin is trading for $84,899 at time of writing, a fractional increase on the day. A drop to McGlone’s level would represent about an 88% drop for the crypto king.
The analyst goes on to note that investors’ shifting their appetite from BTC to gold is apparent when looking at ETF data.
“Bitcoin/Gold cross may have peaked, with implications – after four years of outflows, gold ETFs have turned decisively to inflows in 2025, which may signal a shift in risk appetites.”
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