Senior Bloomberg analyst Mike McGlone has recently issued a warning to investors, suggesting that Bitcoin (BTC) could potentially plummet by almost 90% from its current value. This forecast is attributed to the evolving dynamics of the gold and stock markets, which may have a significant impact on the future of the leading cryptocurrency.
In a series of posts on the social media platform X, McGlone shared his insights with his substantial following of 66,900 individuals. He expressed his belief that Bitcoin could see a drastic decline to as low as $10,000 as a result of a shift in investor sentiment towards favoring gold over digital assets.
McGlone highlighted the performance of gold in comparison to Bitcoin, emphasizing that the precious metal has been outperforming the flagship cryptocurrency in 2025. He pointed out that there are currently no apparent factors preventing Bitcoin’s downward trajectory, especially considering the strong performance of gold.
The analyst suggested that a potential decline in the S&P 500 index could serve as a significant indicator of what lies ahead for Bitcoin. He also referenced the recent surge in gold ETF inflows, indicating a shift in risk appetites among investors from Bitcoin to traditional assets like gold.
At the time of writing, Bitcoin is trading at $84,899, with a marginal increase for the day. Should McGlone’s prediction materialize, it would represent an 88% drop from the current price level, underscoring the potential volatility in the cryptocurrency market.
McGlone’s observations and warnings serve as a cautionary tale for investors, urging them to closely monitor market trends and adjust their portfolios accordingly. As the landscape of digital assets continues to evolve, it is crucial for market participants to stay informed and make well-informed decisions to navigate the ever-changing financial markets.
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Featured Image: Shutterstock/Jorm S