Bloomberg analyst predicts Bitcoin price could crash to $10,000 as markets show 2008-style turmoil sign

A senior Bloomberg Intelligence strategist has warned that Bitcoin could face a severe collapse toward $10,000 as global markets show signs of stress similar to past financial crises.

In recent social media posts in early Feb. 2026, Bloomberg Intelligence senior commodity strategist Mike McGlone shared the outlook, comparing current conditions to the 2008 financial crisis and the 2000–2001 dot-com downturn.

At press time, Bitcoin was trading near $63,000 after falling to around $60,000 on Feb. 5. Since its 2025 peak of over $126,000, the asset has dropped by almost 50%. Pressure on the cryptocurrency market has increased due to large liquidations, exchange-traded fund withdrawals, and low risk appetite.

McGlone links Bitcoin risk to macro stress

According to McGlone, 2026 will be challenging for traders due to reduced liquidity, slower growth, and fading speculative excess. 

In his recent commentary, he pointed to what he described as “post-inflation deflation,” reduced central bank support, and years of aggressive risk-taking that are now being unwound. He also cited potential shifts in U.S. monetary policy, including hawkish appointments and slower rate cuts, as factors limiting liquidity.

According to McGlone, these conditions resemble periods that preceded major asset crashes in the past. In that context, he said Bitcoin could revisit levels near $10,000, which would represent an additional drop of more than 85% from current prices.

He has made similar warnings before. In late 2025, McGlone raised concerns about bubble-like behavior in crypto and warned of deep corrections. While those earlier calls did not play out in full, his latest comments link the risk more directly to wider market weakness.

McGlone has also highlighted persistent ETF outflows, lower speculative activity, and what he calls a “great reversion” after years of easy money and rising asset prices.

Signs of capitulation raise short-term uncertainty

Other analysts see growing evidence that the market is entering a capitulation phase, even if they do not share McGlone’s extreme downside target.

In a Feb. 6 post on X, Jamie Coutts, a crypto market analyst at Real Vision, said pressure in derivatives and spot markets is intensifying. He noted that Bitcoin’s Implied Volatility Index has reached 88.55, close to the level of 105 recorded during the FTX collapse.

Coutts also pointed to Coinbase’s eighth-largest daily trading volume on record at $3.34 billion, or roughly 54,000 BTC, as traders rushed to re-position. At the same time, daily relative strength index fell to 15.64, below levels seen during the March 2020 pandemic crash.

“The current margin calls and forced liquidations are typical of a capitulation phase,” Coutts wrote, adding that market bottoms often form over days or weeks rather than in a single session.

Based on past averages and actual price levels, some analysts argue that Bitcoin may find support in the $50,000 to $60,000 range. Some believe that the current decline is not the beginning of a complete collapse, but rather a reset following sharp gains in 2024 and 2025.

However, the risks are still high. If prices decline once more, large corporate holders, mining companies, and highly leveraged traders may experience additional strain. As the market looks for stability, traders are bracing themselves for more volatility in the coming weeks due to limited liquidity and fading confidence.