📉 Bloomberg’s Mike McGlone Warns Bitcoin Could Crash to $10,000 — “Just Like 2018”

The senior strategist compares today’s BTC setup to the brutal 2018 collapse — and says the market may be headed for its deepest retracement yet.

On November 19, 2025, Bitcoin traded near $92,000 with a modest 0.57% uptick — but Bloomberg’s senior macro analyst Mike McGlone says the real story is far more dangerous. In a stark warning, he argues BTC could plunge back to $10,000, mirroring the infamous 2018 breakdown when Bitcoin fell from $10,000 to $3,000.

At the same time, the Bloomberg Galaxy Crypto Index dropped 14%, underscoring severe volatility across digital assets and strengthening McGlone’s bearish case.

🔎 Quick Facts

• 📉 BTC trades around $92,000, struggling to reclaim $100K
• ⚠️ McGlone warns of a possible drop to $50K → $10K
• 📊 Galaxy Crypto Index down 14% this week
• 🏦 ETF outflows increasing systemic sell pressure
• 💬 Noelle Acheson signals rising institutional uncertainty

⚠️ McGlone’s Bearish Thesis — “This Looks Like 2018 Again”

McGlone argues that Bitcoin’s current macro setup resembles its 2018 structure: a euphoric run-up followed by tightening liquidity, aggressive speculation, and a structural failure to hold key supports.

“In 2018, I predicted that Bitcoin would fall from $10,000 to zero. I was right about 70%. Now I say the same: BTC could return to $10,000.”

He believes that accelerating ETF outflows and derivative-driven forced liquidations could create a cascading selloff similar to previous crypto winters.

💼 Institutional Anxiety Rising

Noelle Acheson, former Head of Research at CoinDesk, delivered her own warning: a break below $90,000 may signal institutional hesitation amid tightening liquidity across global markets.

“A drop below $90,000 may reflect institutional uncertainty amid global liquidity concerns.”

Combined with McGlone’s macro-driven thesis, the market atmosphere is shifting from optimistic accumulation to defensive repositioning.

📉 ETF Outflows: The Pressure Valve

Bitcoin ETFs — once the primary engine behind BTC’s rise to all-time highs — are now contributing to sell pressure. Outflows force issuers to offload BTC, which can exacerbate price declines, especially when liquidity is thin.

McGlone argues that leveraged traders and ETF redemptions create a fragile structure where small shocks trigger outsized moves.

📊 Key Levels to Watch

• 🔻 $90,000 — psychological and structural support
• 🔻 $85,000–$80,000 — high-congestion liquidation zone
• 🚨 $50,000 — McGlone’s first major breakdown target
• 💀 $10,000 — “extreme retracement” scenario

🧭 What Happens If BTC Drops to $10,000?

A megacrash of this magnitude would:

• ⚠️ wipe out overleveraged positions across major exchanges
• ⚠️ trigger unprecedented ETF-driven redemptions
• ⚠️ impact crypto-linked equities and miners
• ⚠️ reshape long-term market structure

While most analysts view a full retracement to $10K as extreme, the volatility and macro environment make the scenario impossible to rule out entirely.

🧭 The Bigger Picture

Bitcoin’s macro outlook remains clouded by:

• global liquidity tightening,
• speculative positioning,
• ETF outflows,
• and heightened macro uncertainty.

For now, the market remains caught between historical fear and long-term bullish fundamentals — but analysts warn that volatility may only intensify from here.

✅ TL;DR

• 📉 Bloomberg’s McGlone says BTC could fall back to $10K.
• ⚠️ ETF outflows and speculation increase crash risk.
• 📊 Acheson warns a break below $90K signals institutional fear.
• 🔻 Key danger levels: $90K → $50K → $10K.
• 🧭 Market remains fragile, with macro conditions worsening.

📚 Read Also

• Bitcoin Liquidity Reset — 10x Research on ETF Outflows & Market Stress
• Bitcoin Death Cross Approaches — What It Means for the Market
• Whales Place 2,800 BTC Bid Walls — Early Accumulation Signals