Bloomberg’s Mike McGlone Predicts Bitcoin Drop to $10,000 and Stablecoin Dominance

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, has reiterated a highly bearish outlook for the cryptocurrency market. The analyst predicts that the stablecoin USDT is poised to overtake both Bitcoin and Ethereum in terms of overall market dominance. McGlone suggests that Bitcoin could potentially revisit the $10,000 price level by 2026 as broader market conditions continue to shift. According to the strategist, the rising utility and dominance of stablecoins reflect a fundamental change in the digital asset landscape toward less volatile assets. He identified the $75,000 mark as a critical threshold that Bitcoin must maintain to invalidate his bearish thesis. These projections highlight a growing divergence between volatile crypto assets and the increasing adoption of dollar-pegged stablecoins.