Key facts
- Bitcoin could drop to $10,000, according to Mike McGlone.
- McGlone cited ETF exhaustion as a reason for a potential drawdown.
- He described Bitcoin as having high beta and no edge against stocks.
- McGlone believes Fed rate hikes will impact Bitcoin, gold, and copper.
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has warned that Bitcoin could fall to $10,000, a significant drop from his previous $100,000 price call. In an interview with Bitcoin Magazine, McGlone explained that the launch of Bitcoin ETFs signaled the end of a favorable trading period for the cryptocurrency. He characterized Bitcoin as a "stock puppet" with high beta and lacking a distinct edge. McGlone also pointed to the Federal Reserve's anticipated three rate hikes as a headwind for Bitcoin, gold, and copper. Other topics discussed included the Middle East energy crisis, midterm elections, the GENIUS Act, stablecoins, and why he sees U.S. Treasuries as his next major trade.