The Setup
In April, Bloomberg Intelligence’s Mike McGlone told the world Bitcoin could fall to $10,000 this year — and he named his own exit door. If Bitcoin held above $75,000, he said, he was wrong.
Bitcoin is at $81,000.
He didn’t admit it. He published a brand new Bloomberg Intelligence note with the same $10,000 number on the cover — and told the analyst who checked his math to "check in a year from now."
The Facts
On October 16, McGlone’s new note went out under the title "A Bitcoin $10,000 Reversion Path Could Trigger Tumbling Dominoes." His line: "I see Bitcoin on track toward support around $10,000, notably if the US stock market has a 20% drawdown." He paired it with a chart arguing Bitcoin’s 50-week moving average is rolling over "akin to 2022-23," plus a note that a five-year Treasury yield near 5% is simply "too much" competition for an asset that pays no income.
It is the same call he made on April 6, when Bitcoin traded near $70,000. Back then he called $10,000 Bitcoin’s "most traded price since 2017," said "the biggest money pump in history may be unwinding," and told The Wolf Of All Streets podcast: "I see a hurricane coming in, and it’s my duty to warn you. Don’t reject the bear, just accept it." He also wagered that Tether’s USDT would eventually overtake both Bitcoin and Ethereum by market cap, and said ETF financialization means "Bitcoin is no longer exciting."
Then he set his own scoreboard. McGlone acknowledged Bitcoin could prove him wrong if it managed to stay above $75,000, describing that level as a key threshold.
Seven months later, Bitcoin is about $81,150 — roughly 16% above where it sat when he published the hurricane call, and more than 8% above the line he said would prove him wrong. From here, $10,000 would require a drop of nearly 88%.
The pushback was immediate. CryptoQuant CEO Ki Young Ju replied directly: ETFs have pulled in $58 billion, treasury companies hold 1.3 million BTC, and even if all of that capital walked out, on-chain cost basis still puts the floor near $30,000. He did the MVRV math too — a $10,000 Bitcoin would mean an MVRV of 0.2, while the worst bottom in Bitcoin’s history printed 0.6. On-chain analyst Willy Woo pushed back as well. McGlone’s answer to both: check in a year from now.
Context matters. Chip stocks just posted their eighth straight down day — the longest slide since 2008 — the Nasdaq 100 fell 2.5% on October 16, and roughly $100 billion came out of crypto in the five days into Friday while US stocks shed $1.6 trillion. McGlone is not wrong that risk assets are wobbling. He has just been pointing at the wrong destination since the spring.
Why This Is Your Problem
Here is the part nobody says out loud: McGlone gets paid either way.
If Bitcoin eventually prints $10,000, he is the genius who called the hurricane. If Bitcoin grinds higher, he was "early," or "the macro changed," or you should check in a year. There is no accountability mechanism on a Bloomberg terminal. Nobody’s position size blows up. Nobody’s coins disappear. He publishes the next note.
You do not get that deal. If you sold your Bitcoin in April because a Bloomberg strategist said the most-traded price since 2017 was $10,000, you sold near $70,000 and watched it climb to $81,000 — the exact move the bear who predicted $44,000 just surrendered to. There is no "check in a year" that gets those coins back.
And you are not the only one who noticed who was actually buying. While the $10,000 notes were being published, wallets holding between 10 and 10,000 BTC hit an all-time record. One side of this trade is guessing. The other side is stacking.
This is how the financial-media machine has always worked. The same desks that publish $10,000 targets are the desks that package Bitcoin into products for institutions — compare Bitcoin ETFs with real Bitcoin and you will see exactly who ends up holding what. The forecast is content. Your stack is real.
The Love Is Bitcoin Takeaway
Nobody knows where Bitcoin goes next. Not Bloomberg, not CryptoQuant, not the guy on X with a 50-week moving average and a red arrow. What you can actually verify is the ledger: 21 million coins, no committee, no analyst, no "check in a year."
That is the entire point. Every price call you have ever read is a guess dressed as analysis. The only thing you control is whether the coins are in your wallet or somebody else’s — because an analyst can be wrong forever and keep their desk, but a custodian only has to be wrong once. If you have never done it, learn how Bitcoin wallets work and take the first step yourself.
If you are stacking through this noise, stack in a way that does not require trusting an exchange or a strategist. Start at https://loveisbitcoin.com/bull and use the coupon LOVEISBITCOIN when you buy — non-custodial, no "your funds are safe" press release required.
So here is the question: McGlone’s $10,000 call has now been wrong twice in seven months, and his answer was to publish it again. What exactly does an analyst have to get wrong before you stop letting him size your position?
This article is for education only and is not financial advice.
BLOOMBERG SAID $75,000 WOULD PROVE HIM WRONG. BITCOIN IS AT $81,000 — SO HE JUST REPUBLISHED THE $10,000 CALL.
