Emre Yumlu 
Fresh controversy has emerged in the crypto market following new comments from Mike McGlone, Senior Commodity Strategist at Bloomberg. Speaking on the “Macro Monday” program, McGlone suggested that Bitcoin could fall to the $10,000 level, a projection that quickly reignited debate across both crypto and macroeconomic circles.
The strategist, who has recently leaned toward bearish outlooks, argued that Bitcoin’s current technical structure reflects one of the weakest setups in its history. His remarks added fuel to an already cautious market environment, drawing sharp reactions from investors and analysts alike.
The “Unlimited Crypto Supply” Argument
A central pillar of McGlone’s thesis is the rapid expansion of the broader digital asset market. He grouped Bitcoin alongside thousands of other crypto assets, emphasizing what he described as an effectively “unlimited supply” of cryptocurrencies. According to his view, the continuous influx of new tokens dilutes value and creates structural pressure across the asset class.
This framing has sparked criticism from Bitcoin proponents who highlight its fixed 21 million supply cap as a defining feature. Meanwhile, some macro-focused observers argue that capital fragmentation across an expanding token universe may indeed weaken overall pricing power.
Was 2024 Bitcoin the Peak?
McGlone also suggested that Bitcoin’s 2024 performance may represent the high-water mark for the current cycle. He compared present market dynamics to historic speculative episodes, drawing parallels to the Tulip Mania period as a cautionary analogy.
Such comparisons revive a long-standing question within financial markets: Is Bitcoin a legitimate store of value, or does it resemble a speculative bubble vulnerable to sharp correction? While McGlone’s position is clearly cautious, other strategists participating in the discussion pushed back, emphasizing Bitcoin’s long-term structural narrative.
A Market Divided
The $10,000 forecast, combined with concerns over deteriorating technical indicators, has contributed to a more defensive tone among some market participants. At the same time, supporters point to ongoing adoption trends, institutional involvement, and Bitcoin’s supply mechanics as reasons to challenge an overly pessimistic outlook.
What remains clear is that consensus is absent. The intensity of the debate itself suggests that Bitcoin may be approaching a pivotal phase, where macro forces, technical signals, and investor conviction collide.
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