Bloomberg Intelligence’s senior commodity strategist Mike McGlone stands out as one of the names that closely follows the developments in the cryptocurrency markets. McGlone, who suggested that there may be a sharp correction in the Bitcoin price in his recent analysis, associates this prediction with a significant price level.
$75,000 critical threshold for Bitcoin
McGlone states that the negative expectation will end in a scenario where Bitcoin exceeds the $ 75,000 level and maintains this price. However, he shares the opinion that if trends below this level continue, the market may remain under pressure. According to McGlone’s prediction, it is considered possible that Bitcoin will drop to $ 10,000.
The price of Bitcoin was last seen around $10,000 in early 2020. At that time, there was a large increase in money supply in global markets due to the pandemic effect, and central banks introduced expansionary economic policies. This process played an important role in starting the historical rises in Bitcoin price.
In McGlone’s evaluation on LinkedIn, it is emphasized that Bitcoin was traded at levels close to $ 10,000 for a long time before the high liquidity pumped into the markets in 2020-2021. According to him, with the end of this period, cryptocurrency may seek an equilibrium price again.
Pressures arising from market structure and competition
Bitcoin’s $10,000 level is stated to be the most heavily traded price zone since the launch of CME futures in 2017. This level represents not only a psychological threshold but also a key volume point.
McGlone also draws attention to the excess supply and increasing competition in the cryptocurrency industry. While Bitcoin largely shaped the industry in 2017, the fact that there are millions of tokens in the market today has led to leadership not being as decisive as it used to be. According to him, this diversity creates structural pressure on Bitcoin.
Stablecoins and new usage areas are among the prominent trends in the ecosystem. McGlone thinks stablecoins are becoming one of the most enduring trends in the crypto world. It also underlines Ethereum’s potential to increase its share within the industry.
“Unlimited crypto supply and projects with new usage areas negatively affect Bitcoin. Stablecoins constitute one of the most permanent trends in the crypto industry. Ethereum and various stablecoins can be expected to surpass Bitcoin over time.”
The $75,000 level suggested by McGlone is seen as an important threshold for Bitcoin in both technical analysis and market psychology. Price movements have changed direction in periods approaching this level in the last year. The downward wave in March-April 2025 slowed down at this point, and the rise at the beginning of 2024 was also stuck there. Additionally, technically this price coincides with significant Fibonacci retracement rates.
According to the analyst, if Bitcoin cannot exceed $ 75,000 for a long time, there is a risk that a new downward trend will continue. On the contrary, exceeding this level with a strong rise may be perceived as a message that permanent demand has emerged in the market again. The impact of institutional investors and the general economic environment on price dynamics will continue to be decisive in this process.
