February 2 News, Bloomberg industry research strategist Mike McGlone issued a strong warning that Bitcoin could drop another approximately 87%, with a potential dip to the $10,000 level. The current Bitcoin price is about $76,500, having fallen approximately 20% in the past two weeks, approaching a 40% retracement from the all-time high set in October last year.
McGlone stated on social media that the market environment in 2026 may replicate the trends seen during the 2008 financial crisis and the 2000–2001 tech bubble burst. He believes this downward movement is not only a correction in the crypto market but also a precursor to the re-pricing of global risk assets.
This assessment comes after U.S. President Trump nominated Kevin Warsh as Federal Reserve Chair. Warsh is viewed as a typical hawk, advocating for tightening monetary policy and prioritizing inflation suppression. The market expects that after his appointment, the pace of rate cuts will slow down or even that the easing cycle will end early, thereby weakening market liquidity.
As a result, major assets are also weakening simultaneously. Tech stocks are experiencing intensified sell-offs, with Microsoft’s market value evaporating over $350 billion in a single day; the total market cap of the crypto market has fallen below $2.7 trillion, nearly 40% off its high. Gold and silver have also declined by 5% and 7%, respectively, temporarily losing their safe-haven attributes.
Ed Yardeni, President of Yardeni Research, pointed out that besides monetary tightening, geopolitical tensions are also elevating risk premiums. Recently, tensions between Trump and Iran’s Supreme Leader over nuclear issues have escalated, and the deployment of aircraft carriers to the Middle East has significantly increased market uncertainty.
In the coming week, investors will focus on a series of U.S. employment data releases and earnings reports from major companies to gauge policy directions and economic resilience. Meanwhile, Bitcoin and Ethereum remain under short-term pressure, as the market is reassessing the valuation basis of high-risk assets.
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