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Bloomberg Analyst: Bitcoin at $10K Wouldn’t Spell Disaster

2 mins
Updated by Kyle Baird
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In Brief

  • Mike McGlone, highlights the correlation between Bitcoin and stock prices, expressing skepticism over BTC's adoption.
  • McGlone compares BTC growth to Amazon. He notes a $1 investment in BTC in 2011 has outperformed Amazon's 25-year ROI.
  • Two other analysts predict a dip in BTC price to the $23,500 mark, citing September as the worst month for Bitcoin.
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Bloomberg analyst Mike McGlone points out that the link between Bitcoin’s price and stock prices is now the strongest it’s ever been. He’s also skeptical about Bitcoin’s rapid move into the mainstream.

McGlone points out how a $1 investment in Bitcoin in 2011 grew significantly in just 12 years, compared to Amazon’s return on investment over a period roughly twice as long.

Bitcoin May Be Nearing A Ceiling

On August 29, in a post on X (formerly Twitter), Bloomberg analyst Mike McGlone elaborates how assets prone to vulnerability, such as Bitcoin, can experience price declines once the masses flock to invest:

“The lessons of high-performing, widely hyped assets show price reversion may be the greater risk once the masses jump on board.”

“Up 26,000x in 12 years since first trading at $1 in 2011,Bitcoin compares with 130% for Amazon on a similar measure, but that took about 25 years,” he stated. At the time of publication, Bitcoin’s price is $26,066.

He declares that even if Bitcoin drops by over 50%, it would still be outperforming Amazon. “Heading back toward $10,000 would still maintain Bitcoin’s unprecedented performance,” McGlone remarks.

Bitcoin v Amazon Market Cap. Source: Mike McGlone X Post
Bitcoin v Amazon Market Cap. Source: Mike McGlone X Post

He contrasts Bitcoin’s movements to those of Amazon stock, noting that both assets have fallen below end-of-2020 levels:

“Bitcoin at about $26,000 on Aug. 28 is slightly below the end of 2020, similar to, with performance implications.”

To learn more about Bitcoin’s halving cycles, read BeInCrypto’s guide: Bitcoin Halving Cycles And Investment Strategies: What To Know

Speculation Surrounding Bitcoin’s Price Intensifies

Several analysts have been heavily speculating over Bitcoin’s price in recent times.

Two prominent analysts, who go by the usernames Doctor Profit and Inmortal on X, predict a price dip to $23,500.

Doctor Profit attributes this to September historically being the worst month for Bitcoin, while Inmortal optimistically predicts it will be the last dip for BTC.

Meanwhile, in a recent interview with BeInCrypto, StormGain exchange crypto expert Dmitry Noskov predicted that Bitcoin’s price could exceed $30,000 by year-end.

Bitcoin Price Chart 10 Years. Source: BeInCrypto
Bitcoin Price Chart 10 Years. Source: BeInCrypto

McGlone is known for spotting unique trends with Bitcoin against other commodities.

On August 24, he pointed out that Bitcoin’s behavior mirrors the stock market movements in the 1930s. This period is better known as the “great depression.

In more recent news, JPMorgan reported that the recent selloffs in crypto assets are “largely behind us.” The research points to an increase in activity on the Bitcoin futures market as a positive indication.


In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in...