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Bitcoin (CRYPTO: BTC) is back under pressure as Bloomberg's Mike McGlone warns the market could unwind all the way to $10,000.
McGlone said during a segment on Bloomberg TV on Tuesday that Bitcoin's current structure resembles the major unwinds seen in 2018, when price collapsed from $10,000 to nearly $3,000.
He said he believes the market could return to $10,000 if pressure continues across risk assets.
He argued that expanding token supply, late-cycle ETF inflows and a weaker macro backdrop leave the market vulnerable to a similar breakdown.
He pointed to volatility signals such as the VIX sitting near its 200-day average and noted that realized volatility in the S&P 500 (NYSE:SPY) has slipped to levels last seen in 2017.
McGlone warned that rising turbulence across risk assets could spill into equities and said he does not see any clear catalyst that would halt Bitcoin's downside momentum.
McGlone identified $100,000 as the new resistance zone after Bitcoin lost that level earlier in the month.
He said the market is now trapped between $90,000 and $100,000, with a possible breakdown toward $50,000 if conditions deteriorate.
He cited the rollover in Bitcoin's 200-day moving average as a key indicator.
He also said Strategy's (NASDAQ:MSTR) 200-day average showed a similar shift in August, reinforcing the broader trend.
Bloomberg Galaxy Crypto Index is down 14% this year after an early rebound, he added.
Bitcoin Price Action (Source: TradingView)
Bitcoin sits below its year-long ascending trendline and remains under all major moving averages.
The attempted recovery toward $100,000 failed quickly, showing how aggressive sellers have become at former support.
RSI hovers near 29, signaling oversold conditions but not confirming a reversal.
The next meaningful demand area sits near the $86,000 to $82,000 range.
Buyers need to reclaim $95,000 to slow the decline.
Failure to do so leaves risk of another leg down toward deeper support.
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