Bitcoin Could Fall To $10,000 As Bloomberg Strategist Cautions Of Broader Market Risks

Bitcoin was trading above $80,000 on October 19, 2026, as investors assessed the cryptocurrency’s outlook amid concerns about a possible downturn in financial markets. Mike McGlone, senior commodity strategist at Bloomberg Intelligence, has cautioned that Bitcoin could fall towards $10,000 if the US stock market suffers a major correction.

At the time of writing, Bitcoin (BTC) was trading at $82,676.12, up 0.75 per cent, according to CoinMarketCap.

McGlone’s $10,000 Bitcoin Warning

McGlone wrote in a post on social media platform X (formerly Twitter), “A Bitcoin $10,000 Reversion Path Could Trigger Tumbling Dominoes.” He said Bitcoin’s rise above $100,000 in 2025, gold’s rise above $5,000 in the first quarter, central banks shifting towards restraint and surging government bond yields could signal a turning point for risk assets.

“I see Bitcoin on track toward support around $10,000, notably if the US stock market has a 20 per cent drawdown,” McGlone wrote.

His warning links Bitcoin’s potential decline to the wider stock market. A 20 per cent fall in US stocks could put pressure on risky assets, including cryptocurrencies. The $10,000 level is the support level McGlone believes Bitcoin could move towards under this scenario.

Bitcoin’s Wider Market Impact

In a separate post on X, he said, “Bitcoin Led Risk-Assets Inflation and May Deflation.” He also discussed the possible impact of Bitcoin’s price trend on other financial markets. He said Bitcoin’s rise above $100,000 in 2025 could have wider economic implications.

McGlone pointed to Bitcoin’s 50-week moving averages, which showed the cryptocurrency rolling over from an extended plateau, similar to patterns seen in 2018 and 2022. He also noted that previous Bitcoin bear markets did not coincide with similar downtrends in the S&P 500, the Bloomberg Commodity All Metals Total Return Subindex and copper.

“Bitcoin may have to prove strength, because if it doesn't, dominoes could tumble,” McGlone wrote.

He described Bitcoin as a leading indicator for risk assets since its inception in 2009 and questioned whether its recent weakness was warning of a wider market downturn or was only temporary.

McGlone added that October could be decisive for markets, a month he associated with market turning points. He said the Federal Reserve rate-hike expectations could signal an end to the rapid rise in risk assets, wealth creation, and inflation.