Mike McGlone, a senior macro strategist at Bloomberg Intelligence, projected that Bitcoin (BTC) could potentially fall to around $10,000, its long-term average level.

Strategist McGlone pointed out that while the S&P 500 index reached an all-time high in late May, the cryptocurrency market showed weakness, causing the correlation between the two assets to break down. In particular, he cited the Bloomberg Galaxy Crypto Index (BGCI) falling below the 2,000 mark to half of its 2025 peak as a primary bearish signal.

He analyzed that the market has currently entered a phase of widespread bubble deflation, and Bitcoin could experience a correction similar to the one in 2018. He added, "Whether it recovers to $75,000 will be the key inflection point that will determine the future market direction." Strategist McGlone had previously made the exact same forecast that BTC could crash to $10,000 in February and April.

On the other hand, the industry has raised counterarguments stating that the $10,000 scenario is unrealistic as spot Bitcoin ETFs from BlackRock and Fidelity are building a strong demand base.