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McGlone has predicted that the Bitcoin price could see a devastating downward spiral to as low as $10,000, serving as an early indicator of a forthcoming U.S. recession.
“The Crypto Bubble Is Imploding”
In his latest social media post, McGlone suggested that the long-entrenched “buy the dip” mindset, which has underpinned risk assets since 2008, may be losing traction amid weakness in digital assets and evolving volatility conditions.
After rebounding from $ 65,300 on Feb. 12 to $ 70,800 on Feb. 15, Bitcoin has since retreated, trading at $68,241 as of press time. The premier crypto is now 2.3% lower than it was this time last week, according to crypto price aggregator CoinGecko.
“Healthy Correction is what we should hear soon from stock market analysts (who risk unemployment if not onboard), following collapsing cryptos,” McGlone stated in a post on X. “The buy the dips mantra since 2008 may be over.”
 
McGlone emphasized several broader market metrics that he believes signal increasing risk. He observed that the ratio of total U.S. stock market value to GDP has risen to historically extreme levels, comparable to highs recorded nearly a century ago. He also pointed out that 180-day volatility in both the S&P 500 and Nasdaq 100 has fallen to multi-year lows, marking the calmest conditions seen in approximately eight years.
McGlone argued that the cryptocurrency market is undergoing a significant unwinding, describing what he called a “crypto bubble imploding.” He added that optimism tied to U.S. President Donald Trump has likely peaked, warning that shifting sentiment could spill over into broader financial markets.
At the same time, the Bloomberg guru said gold and silver have been outperforming at a pace rarely seen in decades, noting that rising volatility in precious metals could eventually extend to equities.
McGlone presented a chart aligning Bitcoin’s price — scaled by dividing by 10 — with the S&P 500, noting that both assets were positioned just under the 7,000 mark as of Feb. 13. He argued that Bitcoin, which he characterized as highly volatile and sensitive to market beta, may struggle to maintain those levels if equity market risk appetite deteriorates.
The Bloomberg strategist pointed to 5,600 on the S&P 500 — corresponding to roughly $56,000 for Bitcoin under his scaling model — as a potential first stage of what he described as a “normal reversion.” Looking further ahead, McGlone said his broader outlook envisions Bitcoin declining toward $10,000, a scenario he tied to the possibility of a peak in U.S. equities.
A Former Bull
McGlone’s latest prognostication marks a departure from his earlier stance. For years, he was among the most prominent institutional forecasters touting a $100,000 price target for Bitcoin, arguing during the stimulus era that the leading cryptocurrency was evolving into a potential global reserve asset.
By 2025, however, McGlone moved away from the “digital gold” thesis. He began highlighting a growing disconnect in market behavior: while gold was setting new highs, Bitcoin was lagging.
McGlone now asserts that the global economy is on the edge of a deflationary recessionary phase in which cash becomes more attractive, a perspective that underpins his markedly bearish outlook for Bitcoin.