Bloomberg Intelligence commodity strategist Mike McGlone has outlined a scenario in which Bitcoin (BTC) ultimately retraces toward the $10,000 level.
McGlone’s outlook comes as Bitcoin attempts a moderate recovery from the February 5 crash that saw the asset test $61,000 before rebounding and now aiming to sustain gains above $70,000.
In an X post on February 8, McGlone noted that his framework suggests the $64,000 area represents a key inflection point rather than a durable floor.
He views this level as a temporary pause in a broader decline, reflecting what he considers the most common price zone during 2024, a year he characterizes as the peak of speculative excess.
Additionally, a rebound toward roughly $72,000 would still qualify as a typical bear-market bounce, amounting to a standard 20% recovery rather than the start of a new bull cycle.
“$64,000 is a speedbump on the way back down, roughly the mode from 2024, the year that fueled the final silliness stage.
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