Bitcoin is once again under intense scrutiny as Bloomberg’s senior macro strategist Mike McGlone, issues one of his starkest warnings.
McGlone in a recent statement, predicts that the world’s largest cryptocurrency could collapse to zero, as volatility heightens and investor confidence wavers.
In his words,
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“In 2018, I pointed out, when Bitcoin was about 10,000, it was going to drop a zero. I was 70% right, 30% wrong because it went down to 3,000. I’m saying the same thing now. I think it can go back to 10,000. I mean, that includes everything. Going lower, unfortunately, means the stock market. That’s just normal”.
According to him, the key support right now is around $90,000. The cryptocurrency is currently stuck between $90,000 and $100,000, and he is convinced that it will eventually break down and head toward $50,000.
The chief commodity strategist at Bloomberg Intelligence is also convinced that Bitcoin’s plunge will trickle down into the stock market. The analyst expects volatility to pick up in the near future.
McGlone’s comment comes as the price of Bitcoin, experienced a notable decline, dropping toward the $89,000 mark, its lowest price in seven months, resulting in over $1 billion in liquidations across the crypto market within the past 24 hours.
As of this writing, Bitcoin has recovered slightly, trading at the $91,329 mark. However, the leading cryptocurrency has erased all of its year-to-date gains, while extending the gap to record levels by 26%. The bullish sentiment for the token is 82% while the fear and greed index remains at 16, suggesting extreme fear. BTC price has been constantly forming lower highs and lows, reflecting the dominance of the bears. The rally is stuck within a strong descending trend, and hence, the rebounds that occur midway are expected to prevail for a short time frame.
Analysts Predict Bitcoin Bearish Price Action
The probability that Bitcoin is going into a bear market has shot up considerably during this time. Crypto analyst Titan of Crypto has taken to the X (formerly Twitter) platform to share a warning with the broader crypto community.
This warning was that the digital asset was more likely in a bear market compared to a bull market, giving an 80% score in favor of a bear market and only 20% in favor of a bull market.
Capital markets commentator, The Kobeissi Letter highlighted that since Bitcoin’s all-time high, the cryptocurrency market has erased $1.2 trillion in market capitalization, amounting to 28% of its total value.
“It’s safe to say that crypto just experienced its ‘2025 bear market,’” The Kobeissi Letter remarked.
Jon Glover Elliott Wave Analyst argues that the current bull run is over, based on his Elliott Wave analysis. He believes Bitcoin is entering a sustained bear market and could fall to around $70,000–$80,000, possibly lower. He expects this bear phase could last until late 2026.
Also, Peter Schiff (Economist / Gold Investor), has warned Bitcoin could plunge below $65,000 if the Nasdaq enters a bear market, due to the interconnectedness of risk assets. He has been consistently bearish, arguing that Bitcoin lacks the historical resilience of traditional safe-haven assets.
In contrast to Bitcoin bearish price prediction, Michael Saylor, CEO of Microstrategy, remains confident in Bitcoin’s long-term strength, even as analysts warn of deeper downside risks.
Despite the recent market pullback, Saylor remained upbeat. “Bitcoin is stronger than ever,” he said. Strategy now holds 649,870 BTC, valued at $59.59 billion at the time of writing, per SaylorTracker. Still, the downturn has dented the company’s metrics. Strategy’s mNAV multiple has slipped to 1.11x, down from 1.52x when Bitcoin reached its $125,100 all-time high on October 5.
The firm’s shares (MSTR), which often trade at a premium or discount relative to Bitcoin, closed at $206.80 on Tuesday, marking an 11.50% decline over the past five days, according to Google Finance.
Saylor said he remains unfazed by further downside. “The company is engineered to take an 80 to 90% drawdown and keep on ticking,” he said. “We’re pretty indestructible.”
Outlook
The coming months are likely to be defined by heightened volatility, tight liquidity, and increasing macroeconomic uncertainty. Based on current patterns and analyst commentary, Bitcoin may continue to test the $90,000 support level.
A breakdown below this could accelerate losses toward $75,000–$80,000, with a possible flash drop to $65,000 or $50,000, depending on market sentiment.