A Bloomberg Analyst Explains Why Bitcoin Could Drop Back to $10,000

Jakarta, Pintu News – The cryptocurrency market saw further declines, with Bitcoin (BTC) and a number of major altcoins plummeting sharply as massive selling pressure and forced liquidations accelerated losses.

According to market data, the total crypto market capitalization fell by about 5.7% on February 5 to about $2.43 trillion. This decline was largely triggered by institutional fund outflows from spot Bitcoin ETFs in the US.

Bitcoin Breaks Major Support Levels

Bitcoin fell below the $71,000 level, breaking through an important technical support zone of concern to traders. The move triggered the liquidation of over $400 million worth of long positions in the last 24 hours, according to market data.

Read also: Bitcoin Plunges to $64,000 — Is a Drop to $55,000 Coming Next?

Ethereum (ETH) has also come under pressure, dropping around 27% in the past week as whales reduce exposure. Other crypto assets such as XRP (XRP), Cardano (ADA), Solana (SOL), and BNB Coin (BNB) also saw declines.

Bloomberg Analyst’s Harsh Warning Resurfaces

One of the most pessimistic voices came from Bloomberg analyst Mike McGlone, who previously predicted that Bitcoin could return to price levels last seen a few years ago if the general market continues to weaken.

McGlone compared the current cycle to previous major market downturns.

“In 2018, when Bitcoin was around $10,000, I said it could go down to zero,” he said. “I was 70% right and 30% wrong, and it went down to $3,000. I’m saying the same thing now.”

According to him, Bitcoin could return to the $10,000 range, especially if a major correction occurs in the stock market. “That means everything will go down,” he added. “Unfortunately, including the stock market. But that’s normal.”

Read also: XRP Plunges to 14-Month Low at $1.42 as Liquidity Crisis Fuels Selling Pressure

Technical Signals Point to a Downtrend

McGlone mentions that technical indicators are showing warning signals. Bitcoin’s 200-day moving average has started to decline – a pattern often associated with long-term bear markets.

Historically, Bitcoin has experienced declines of around 50% or more during major down cycles. From the recent peak price, the move towards $50,000 is still in line with past market patterns.

“A sharp spike is possible in a bear market,” McGlone said, adding that a rally towards $100,000 cannot be ruled out, but is likely to be temporary.

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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 are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• CoinEdition. Why a Bloomberg Analyst Thinks Bitcoin Could Still Fall Toward $10,000. Accessed on February 6, 2026