Bitcoin has put investors through one of its most dramatic periods in years. After trading near $120,000 in late 2025, the token has lost nearly half its value and now trades at around $65,000. Short bounce after Trump’s announcement US-Iranian peace agreementBut controversial claims from both sides have kept uncertainty high. Whether the recovery will continue or will be followed by further decline is the question defining the cryptocurrency markets at the moment.
Mike McGlone, chief strategist at Bloomberg Intelligence, has an answer, and it’s not what most bitcoin holders want to hear.
Bitcoin Price: $10,000 Call
In an exclusive interview with Coinpedia, McGlone said Bitcoin could approach $10,000 by the end of the year From where it is currently trading.
“If the US stock market falls in 2026 in a typical midterm election year, I fully expect Bitcoin to be closer to $10,000 at the end of the year than it is now,” McGlone told Coinpedia.
He added: “All markets are the most correlated right now in history. Bitcoin and crypto declines are leading indicators. It is an area of unlimited supply seeking a low price cure, which I expect to be well below current levels.”
But why?
A US stock market decline in a midterm election year, combined with Bitcoin’s historically high correlation with stocks, would pull prices towards this long-term average. The S&P 500 at 2.5 times GDP is a measure McGlone has repeatedly described as unsustainable.
The rope is the true story
When asked about the altcoin that caught his attention, McGlone bypassed all the layer-one protocols and decentralized finance (DeFi) entirely. His answer was rope.
“The most significant trend in crypto was Tether flipping everything. I flipped Ethereum a little on June 11 and I expect the Tether trend to continue, flipping Ethereum this year and eventually Bitcoin, which could be close to $10,000.”
This observation reflects a broader point McGlone made about the cryptocurrency ecosystem. Popularized through Tether, the US dollar has effectively become the base layer for the entire cryptocurrency economy, with adoption of stablecoins outpacing demand for speculative assets.
There is no way back to $100,000
When asked if Bitcoin could return more than $100,000 before the end of this cycle, McGlone’s answer was clear.
“No,” he said. “I expect the low-priced Bitcoin treatment to reach close to $10,000.”
This prediction falls far from the prevailing consensus. Standard Chartered Bank maintains a year-end target of $100,000. Brian Armstrong, CEO of Coinbase, described the $60,000 level as a potential bottom of the cycle. McGlone’s framework argues that these views downplay the overall correlation between cryptocurrencies and stocks and the structural supply dynamics of a market where new tokens can be created without limits.
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