Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, has cautioned that Bitcoin (BTC) might crash to $10,000 this year. McGlone is actually quite concerned about the possibility of Tether’s USDT stablecoin not only catching up but even surpassing BTC and ETH by the year 2026. If that happens, it could mean that Bitcoin’s cryptocurrency dominance will be significantly challenged.
The Bearish Prediction
McGlone made his BTC price prediction with the degree to which Bitcoin has remained under the $75,000 level in mind. He believes that such a scenario could even lead to a sharp drop to $10,000. The analyst brings up the fact that BTC was in the region of $10,000 for a significant amount of time before the 2020 worldwide pandemic lockdown.
Also, “BTC may be going back to its historical average,” he adds. Investors might be wise to get ready for “unlimited crypto supply and use-case rivals” as the main reasons going against Bitcoin that he sees.
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The Rise of Stablecoins
McGlone is pointing out the increasing popularity of stablecoins that show an industry-wide move towards this new form of crypto. Stablecoin Tether’s USDT is leading the pack with a market cap of $184 billion, which is 57.95% of the total stablecoin market. According to McGlone, USDT will first surpass Ethereum in 2026 and later even Bitcoin as a stablecoin with bigger and bigger assets under management (AUM).
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Market Implications
The analyst is almost certainly correct that investors should be prepared for a major correction in the crypto market after BTC and ETH prices fall to $67,926.99 and $2,071.42, respectively. Predictions like McGlone’s are likely to fuel the debate over the role of cryptocurrencies in the market and may result in a pessimistic sentiment for investors who buy into such bearish forecasts. On the other side, this is a warning to major blockchains about how vulnerable they are due to the increasing role of stablecoins in the crypto market.
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