McGlone Warns SPX Pullback Could Send Bitcoin Price to $10K

Bloomberg Intelligence senior commodity strategist Mike McGlone warned that Bitcoin could face a sharp pullback if equity markets weaken. He cited the S&P 500’s elevated valuation and anticipated Federal Reserve rate hikes as key risks to the cryptocurrency’s price.

Key Concerns Highlighted by McGlone

• Bitcoin is approaching a resistance level near $80,000.
• Fed funds futures price a 0.70% increase in rates over the next year.
• The S&P 500 trades well above its 200‑week moving average.

Potential Price Impact

McGlone suggested that a 20% decline in the S&P 500 could push Bitcoin down to the $10,000 level, positioning the cryptocurrency as a leading indicator for broader risk‑asset declines.

Correlation with Traditional Assets

He described Bitcoin as a “highly volatile and speculative digital asset” that now behaves like a beta exposure to equities, showing a correlation with the S&P 500 that is three times more volatile than the index itself. McGlone also noted a recent alignment with reserve assets such as gold.

Outlook

According to McGlone, for Bitcoin to avoid the projected drop, it would need to demonstrate strength that diverges from equity market movements. He warned that the current market environment could lead to a broader downturn in 2026.