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Bloomberg analyst says bitcoin could sink to $10,000 if it fails to hold $75,000

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Bloomberg analyst says bitcoin could sink to $10,000 if it fails to hold $75,000

Bitcoin could tumble to $10,000 if buyers fail to clear and hold $75,000, according to Mike McGlone, senior commodity strategist at Bloomberg Intelligence.

The significance of $75,000

The level flagged by the strategist has repeatedly marked shifts in market trends over the past 12 months. The March–April 2025 pullback stalled around $75,000, as did the early‑2024 rally. The mark also aligns with key Fibonacci retracement levels.

A sustained move above $75,000 would signal a restoration of structural demand for bitcoin and an end to the downtrend that began after the October peak at $126,000, McGlone says. 

If the digital gold fails to hold or turns lower again, it would remain in a long-term decline with a target of $10,000. At the time of writing, the first cryptocurrency is trading around $68,900. 

Hourly chart of BTC/USDT on Binance. Source: TradingView. 

A magnet level

McGlone has not for the first time predicted a drop to $10,000. He grounds his view in the market’s historical structure: before the Covid‑19 pandemic, the price of the first cryptocurrency consolidated around that level for a long time. 

The subsequent record influx of liquidity became one of the main drivers of the digital gold’s rise.

“Before the biggest money injection in history in 2020–2021, bitcoin oscillated around $10,000, and a return to that level may occur. Around $10,000 is also the first-born crypto’s most traded price since 2017, when futures were launched,” the expert noted.

In his view, another drag on the asset could be the “explosive growth of the crypto market.” 

In 2017 bitcoin was the sector’s undisputed leader. Since then, however, millions of new tokens have appeared, competing for investors’ attention and diverting capital from the flagship. He called this glut of supply a structural headwind. 

The “most durable trend” in the industry now is stablecoins, McGlone said. According to him, Tether will surpass Ethereum as early as 2026 and, over time, bitcoin as well.

Short-term market dynamics

Over the past 24 hours, bitcoin has risen by more than 3%. Altcoins showed similar moves: Ethereum added 4.1%, XRP 3.1%. 

Source: CoinGecko. 

Crypto market capitalisation increased by 2.5% to $2.4 trillion. 

Liquidations over 24 hours exceeded $241 million, most of it shorts at $195 million. 

Source: CoinGlass. 

The sector proved resilient amid contradictory statements from US President Donald Trump. On April 5 he threatened that Iran would “live in hell” if it did not open the Strait of Hormuz. 

Initially, the head of state gave Tehran ten days to resume shipping. His latest post, however, suggests the country has only until April 7. 

At the same time, in an interview with Fox News Trump said the sides “are negotiating,” and called the chances of a deal within 24 hours “good.”  

Traditional markets fell, except oil and gas: 

Crude climbed above $115 a barrel, stoking inflation risks. According to The Kobeissi Letter’s calculations, if current levels persist for about seven more weeks, inflation would jump to 3.7% — the highest since September 2023.

Earlier in April, Glassnode experts forecast a prolonged move for bitcoin in the $60,000–$70,000 range. They said the cryptocurrency needs a catalyst to rise further. 

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