Mike McGlone, Commodity strategist at Bloomberg Intelligence, has suggested that Bitcoin (BTC) could revisit the $10,000 level in 2026.

In a recent analysis, the analyst argued that Bitcoin must hold above $75,000 to avoid going back to levels last seen half a decade ago, his thesis being built on a mix of historical patterns, macroeconomic risks, and rising competition within the digital asset space.

Specifically, McGlone noted that prior to the pandemic-era surge, the cryptocurrency traded around $10,000, a level he describes as a long-term equilibrium and one of Bitcoin’s most heavily traded ranges since the launch of futures markets in 2017.

“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,” McGlone wrote. 

Tether could surpass Bitcoin and Ethereum

Further, the analysis emphasized structural shifts within the crypto ecosystem. That is, while ‘digital gold’ remains the dominant digital asset, McGlone argued that the rapid expansion in the number of cryptocurrencies has introduced increasing competition. 

In this view, only a small subset of tokens provides tangible value, with dollar-backed stablecoins emerging as a particularly resilient segment.

“First is emphasized because there are now millions of cryptos, with only a few tracking tangible value – notably stablecoins. Cypto [sic] 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.”

Tether (USDT) is one example, with its growing assets under management as evidence of sustained demand for blockchain-based dollar exposure. McGlone expects this trend to accelerate, forecasting that Tether could surpass Ethereum (ETH) in market size by 2026 and potentially even challenge Bitcoin over the longer term. He calls this scenario “flippening.” 

Would a stock market downturn affect Bitcoin?

Macro conditions also play a central role in his outlook. McGlone warned that a potential stock market downturn, especially if heightened volatility follows, could weigh heavily on risk assets, including crypto. In such an environment, he suggested, Bitcoin may face sustained pressure, potentially leading to its first-ever consecutive annual declines.

“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.”

While the forecast, especially the Bitcoin price target, appears drastic, it nonetheless underscores a growing divide between analysts who see Bitcoin as a maturing macro asset and those who believe structural headwinds could drive a deeper reset in the years ahead.

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