Bloomberg Expert Warns of Historic Crash for Bitcoin Price

The cryptocurrency market is experiencing a significant downturn, with Bitcoin's price potentially on track for a historic crash. According to Bloomberg Intelligence senior commodity strategist Mike McGlone, the industry has entered a bubble-deflation process that could bring Bitcoin's price back down to its long-term historical mean of around $10,000.

The breakdown of the multi-year correlation between Bitcoin and the S&P 500 index is at the heart of McGlone's bearish forecast. The Bloomberg Galaxy Crypto Index (BGCI), which measures the performance of the cryptocurrency market, has officially collapsed below 2,000 points, losing half its value from the 2025 peak.

This collapse is reminiscent of the 2018 cycle when Bitcoin's price dropped from $20,000 to $3,000. However, McGlone notes that the market has changed significantly since then, with millions of tokens diluting capital and dollar stablecoins retaining real utility.