Mike McGlone Doubles Down On $10K Bitcoin Doom Call: 'Stock Bear Market Has Started'

• McGlone first predicted the decline in Q1 2025, when Bitcoin traded above $100,000, and said a 20% S&P 500 correction could start it.

• The index is currently about 6% below its 52-week high.

• Scott Melker said that the stock sell-off had not hit Bitcoin as hard as bears had expected.

Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, doubled down on his call for Bitcoin (BTC) to fall to $10,000, saying that he believes the next stock bear market has already started.

McGlone said he had first made the call in the first quarter of 2025, when Bitcoin traded above $100,000, and said that the outlook had remained unchanged.

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"The call from 1Q25 with Bitcoin above $100,000 was for it to lose a zero, on the back of a 20% drawdown in the S&P 500 (SPX) that stays down awhile, remains my base case," he wrote on X on Friday.

A Bitcoin price that "loses a zero" would fall about 90%, to roughly $10,000. McGlone said that level carried the weight for the asset, noting that "10,000 Bitcoin is a key pivot."

He also drew a link between crypto and stocks, saying that Bitcoin peaked on October 6 last year, while the Nasdaq peaked exactly a year later, on October 6, 2026.

"May the market gods be with us all when we have the next stock bear market. I think it has started," he said.

Bitcoin's price was trading at $75,830, up 0.2% during the past 24 hours, while the S&P 500 closed at 7,376 points on Friday, about 6% below its 52-week high of 7,844. That was well short of the 20% drop McGlone said would push Bitcoin toward $10,000.

On Stocktwits, retail sentiment around Bitcoin was in the 'bearish' zone, while chatter around it was at 'normal' levels over the past day.

Melker Questions The Thesis

McGlone's post came in response to crypto trader and well-known investor Scott Melker, famously known as the "Wolf of All Streets." He said that the stock sell-off had not hit Bitcoin as hard as bears had expected. "Nasdaq entered correction territory today, more than 10% below its recent high," Melker said on X.

Melker said the market had already covered half the drop that was meant to drag Bitcoin down. "The Nasdaq is down 10%, and we're still 17 or $18,000 above Bitcoin's low," he said.

"The case that the Nasdaq or the market dropping 20% would send Bitcoin to $10,000, to me, or something way lower right now does not make any sense because we're halfway there."