Bitcoin Holds Steady at $87,000 — But Analysts Warn It Could Fall Back to $10,000

Jakarta, Pintu News – Bitcoin (BTC) could return to the $10,000 level, according to Mike McGlone, an analyst with Bloomberg Intelligence. He attributes this risk to the weakening of demand drivers and the reduced buying power of the market.

His view focuses on the timing of capital movements, concentration of ownership, as well as the absence of stable replacement demand at current prices.

In a post on X, McGlone explained that previous big Bitcoin price rises have always been preceded by a clear accumulation phase. Big buyers stepped in early and absorbed the available supply.

This process pushes the price up without the need for a constant flow of new funds from new participants. However, once this phase ends, support for the price weakens. So, how will Bitcoin price move today?

Bitcoin Price Rises 1.69% in 24 Hours

As of December 17, 2025, Bitcoin was trading at $87,424, equivalent to IDR 1,462,420,987 — marking a 1.69% increase over the past 24 hours. During this period, BTC hit a low of IDR 1,429,126,502 and climbed to a high of IDR 1,471,150,093.

At the time of writing, Bitcoin’s market capitalization is approximately IDR 29,090 trillion, while its 24-hour trading volume has declined by 5%, settling at around IDR 784.59 trillion.

Read also: Bitcoin Plummets to $87,000, 3 Altcoins in the Spotlight Analyst Ali Martinez

Bitcoin’s 2020 Rally Driven by Demand

Mike McGlone notes that the last time Bitcoin was in the $10,000 range was in 2020. At that time, massive corporate buying began to take place. Figures like Michael Saylor and several companies started buying large amounts of Bitcoin.

These purchases reduced the availability of funds in the market at the time and contributed to the overall price increase.

The higher the price goes up, the more new buyers come in later. They buy at higher price levels. However, the activity of these buyers was more of a response to the price momentum, rather than any real new demand. The price rally continued because there was low selling pressure at the time.

The second rise came after the approval of spot Bitcoin ETF products. These products open up access for traditional investors. A large amount of funds came in through officially regulated channels. According to McGlone, this flow of funds managed to push the price to higher levels.

However, that support is now starting to weaken. Fund inflows are slowing down after the initial wave subsided. The growth of Bitcoin holdings on company balance sheets has also stalled. Early holders still control a large percentage of the total Bitcoin supply.

Read also: 3 Biggest Crypto Events Ahead of 2025 Year-End – Bullish Signals on the Horizon?

Many of them have unrealized gains, which could potentially turn into a massive sell-off if the market experiences panic.

Market Structure Indicates Potential BTC Price Reset

Mike McGlone also highlighted a structural shift in the crypto market. Currently, around 28 million crypto assets are listed on CoinMarketCap. In the past, Bitcoin stood alone as the only major asset. Now, capital allocation has been split – funds are spread across thousands of other assets, rather than being concentrated on Bitcoin.

McGlone compared this situation to the stock market before 2007. Despite tighter monetary conditions, prices remained high. However, when buyers no longer found new parties to replace short positions, a price drop ensued. According to him, Bitcoin is now showing the same pattern.

McGlone also added that Michael Saylor’s position does not change the direction of this trend. Currently, around 671,268 Bitcoins are owned by Saylor’s company MicroStrategy, with an average purchase price of around $74,978. However, these funds are already invested, so they can no longer be a source of support for new purchases.

McGlone emphasizes that his views are not merely emotional or ideological. It is purely a matter of supply and demand mechanisms, as well as the timing of capital movements. In this context, he sees that $10,000 could be a realistic reset point for Bitcoin.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coingape. Bitcoin to Drop to $10K? Bloomberg Analyst Makes Bold Prediction. Accessed on December 17, 2025