Bloomberg commodity analyst Mike McGlone stands by his $10,000 Bitcoin (CRYPTO: BTC) prediction despite pushback from analysts who called the forecast “rage bait,” arguing the math doesn’t work unless holders believe the asset will fail.
The $10,000 Call
McGlone bases his prediction on normal mean reversion patterns seen in commodities.
He points to crude oil’s typical cycle from $120 to $40 and applies similar logic to Bitcoin, expecting a drop to $10,000 as part of a broader market downturn where the S&P 500 (NYSE:SPY) falls 50-60%.
“This is not a simple micro view where my math is wrong,” McGlone said. “I’m just pointing out normal reversion.”
He argues Bitcoin faces unlimited competition from other cryptocurrencies and exhibits volatility multiples above the S&P 500, making it unsuitable as a store of value.
McGlone expects crude oil to hit $50 by midterms, natural gas to stay depressed at $2.84 …
