The Bitcoin price has , but not everyone believes the rally will last. A new warning from a crypto analyst suggests that the world’s largest cryptocurrency could be , with the possibility of erasing nearly all of its gains and tumbling back to levels not seen in years.

Why A 90% Bitcoin Price Crash Could Be Ahead

In a recent interview on the David Lin Report, a financial news channel on YouTube, Bloomberg Intelligence senior commodity strategist Mike McGlone a stark warning for Bitcoin holders. After years of accurately calling key price levels, including , McGlone now predicts that BTC could wipe out more than 90% of its gains, potentially falling back to $10,000 in this market cycle.  

The Bloomberg strategist explained that Bitcoin’s climb to six figures on December 6 marked . According to him, that milestone was less a sign of long-term strength and more a signal that the market had . He described the surge as a textbook example of “selling when there’s yelling,” meaning that investors often at the top. 

Since Bitcoin crossed $100,000 on December 6, McGlone noted that roughly 30%, while BTC has added only about 8%. Stock market benchmarks such as have also posted modest returns in the same period, leaving digital assets struggling to show dominance. 

McGlone highlighted the growing connection between , noting that its 48-month correlation with the S&P 500 now stands at 0.6. He suggested that this pattern underscores , moving in tandem with stock market performance rather than acting as an independent. 

Adding to his bearish stance, the Bloomberg strategist pointed out that volatility signals are shifting. In August, the hit its lowest level of the year at around 14.2, while Bitcoin simultaneously reached new highs. By the end of the same month, volatility spiked again, suggesting that market sentiment may be changing. For McGlone, these signals indicate that investors should prepare for a potential correction phase, with gold likely to continue outperforming BTC and other speculative assets. 

Analyst Says Bitcoin To $1 Million Is Unlikely 

During the interview, Lin questioned whether , pointing to the same logic that took the asset naturally from $10,000 to $100,000. McGlone dismissed the idea, stressing that today’s market environment is fundamentally different and does not support such an outcome. 

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The Bloomberg strategist explained that when Bitcoin was trading near $10,000, market sentiment was profoundly negative, which created the ideal conditions for a long-term rally. By contrast, at a price above $100,000, the current market is , making it harder for BTC to sustain upward momentum. In his view, the sheer weight of has left Bitcoin vulnerable to a potential retracement rather than setting the stage for exponential growth.