Bloomberg Intelligence senior commodity strategist Mike McGlone believes major shifts in the crypto market are underway, including a potential “flippening” led by stablecoins.

McGlone says Bitcoin (BTC) will likely revisit significantly lower levels, potentially dropping toward $10,000 by 2026 as broader market conditions shift.

“Potential $10,000 Bitcoin in 2026. Prove me wrong – stay above $75,000. Before the biggest money pump in history in 2020–21, Bitcoin hovered around $10,000, and it may be reverting. Roughly $10,000 is also the first-born crypto’s most traded price since 2017, when futures were launched. First is emphasized because there are now millions of cryptos, with only a few tracking tangible value – notably stablecoins.

Crypto dollars represent a most enduring trend in the space, with the rising assets under management of dollar-backed tokens, led by Tether. Unlimited crypto supply and use-case rivals are Bitcoin headwinds.”

McGlone argues that the rapid expansion of digital assets is creating structural pressure on Bitcoin, despite its fixed supply.

“I expect the “flippening” to continue, with Tether’s AUM topping Ethereum in 2026 and eventually Bitcoin. The graphic shows a key driver: a potential stock market rollover and a recovery in volatility. Bitcoin’s first-ever consecutive down years in 2026 may be leading the way.”

The analyst also points to macroeconomic risks, including the potential for a stock market downturn and rising volatility, as catalysts that could weigh on crypto prices.