McGlone: "Bitcoin could revert to the $10,000 level… Tether may overtake BTC in market cap"

Mike McGlone, an analyst at Bloomberg Intelligence, reiterated a downside scenario for Bitcoin (BTC) and flagged the potential for stablecoins’ growing influence.

According to Bitcoin Sistemi, a digital asset (cryptocurrency) media outlet, on the 6th Mike McGlone, Bloomberg Intelligence’s senior commodity strategist, said, "If Bitcoin fails to hold the current price level, it could face a sharp correction," adding that it "needs to defend levels above $75,000."

McGlone raised the possibility of a decline based on past price action. He noted that Bitcoin traded near $10,000 for an extended period before the liquidity expansion of 2020–2021, saying the possibility of a return to similar levels cannot be ruled out. He also stressed that since the introduction of the futures market in 2017, the $10,000 zone has formed a major area of concentrated trading.

He also pointed to changes in market structure as a source of downside pressure. McGlone said, "Among the millions of digital assets today, only a limited number have real value," and assessed that dollar-pegged stablecoins are taking hold as a sustainable flow within the market. In particular, he argued that the expanding asset base of stablecoins such as Tether (USDT) is changing market dynamics.

He said the so-called "flippening" trend is likely to continue, projecting that Tether’s total assets could surpass Ethereum in 2026 and, over the longer term, could even overtake Bitcoin. He cited the risk of an equity-market correction and a renewed rise in volatility as factors behind this outlook.

McGlone also mentioned the possibility that Bitcoin could post consecutive annual declines through 2026, adding that this could be an early signal of a shift in market structure.