McGlone Maintains $10,000 Bitcoin Downside View as Stocks Lead

Bitcoin (BTC) has lagged U.S. stocks for nearly five years while showing greater volatility, Senior Commodity Strategist Mike McGlone said, highlighting the asset’s growing sensitivity to equity-market moves.

Bitcoin is down about 4% this year, while the S&P 500 has gained roughly 3%. McGlone said the combination of stronger stock-market ties and higher volatility makes Bitcoin increasingly resemble a “stock-market puppet.”

McGlone also maintained his view that Bitcoin could fall to $10,000, saying he sees no reason to abandon that projection.

The assessment extends McGlone’s earlier view that a crypto index has trailed the Nasdaq 100 since 2017. That comparison also emphasized crypto’s higher volatility and its positive correlation with stocks, which can limit diversification benefits.

McGlone said the broader cryptocurrency market remains in a “purge.”