Bitcoin could drop to $10,000 if buyers fail to break and hold the $75,000 level, according to Mike McGlone, senior commodity strategist at Bloomberg Intelligence.
Potential $10,000 Bitcoin in 2026
— Mike McGlone (@mikemcglone11) April 5, 2026
Prove me wrong — stay above $75,000.
Before the biggest money pump in history in 2020-21, Bitcoin hovered around $10,000, and it may be reverting. Roughly $10,000 is also the first-born crypto's most traded price since 2017, when futures were… pic.twitter.com/1PJvYiAFWa
Significance of the $75,000 Mark
This key level has repeatedly indicated shifts in market trends over the past year. The decline in March-April 2025 halted around $75,000, as did the rally at the beginning of 2024. This mark also aligns with significant Fibonacci retracement levels.
Sustained movement above $75,000 would signal a recovery in structural demand for Bitcoin and the end of the downtrend that began after the October peak of $126,000, McGlone believes.
If the digital gold fails to hold or reverses downward again, it could remain in a long-term decline targeting $10,000. At the time of writing, Bitcoin is trading around $68,900.
Hourly BTC/USDT chart from Binance. Source: TradingView.
Attraction Level
McGlone has previously predicted a drop to $10,000. He supports his view with historical market structure: before the COVID-19 pandemic, Bitcoin's price consolidated around this level for an extended period.
The subsequent record influx of liquidity was a major driver of the rise in digital gold's value.
“Before the largest money injection in history in 2020-2021, Bitcoin fluctuated around $10,000, and it may revert to this level. Approximately $10,000 is also the most traded price for the first cryptocurrency since 2017, when futures were launched,” the expert noted.
He believes another hindrance for the asset could be the "explosive growth of the crypto market." In 2017, Bitcoin was the undisputed leader of the sector. However, since then, millions of new tokens have emerged, competing for investor attention and "distracting" capital from the flagship. McGlone referred to this abundance of supply as a structural barrier.
“The most resilient trend” in the industry currently consists of stablecoins, McGlone pointed out. He stated that Tether will surpass Ethereum by 2026, and eventually Bitcoin as well.
Short-Term Market Dynamics
In the last 24 hours, Bitcoin's price has risen by more than 3%. Altcoins showed similar trends: Ethereum gained 4.1%, while XRP increased by 3.1%.
Source: CoinGecko.
The total market capitalization of cryptocurrencies increased by 2.5% to $2.4 trillion.
Liquidation volume over the past 24 hours exceeded $241 million, with the majority coming from short positions — $195 million.
Source: CoinGlass.
The sector has shown resilience amid conflicting statements from U.S. President Donald Trump. On April 5, he threatened that Iran would “live in hell” if it did not reopen the Strait of Hormuz.
Initially, the president gave Tehran 10 days to resume shipping. However, his latest post suggests that the country has time only until April 7.
Simultaneously, in an interview with Fox News, Trump noted that the parties are “negotiating” and described the chances of a deal within 24 hours as “good.”
Traditional markets fell, except for oil and gas:
BREAKING: US stock market futures fall at the open as President Trump declares Tuesday as “Power Plant and Bridge Day" in Iran:
— The Kobeissi Letter (@KobeissiLetter) April 5, 2026
1. S&P 500: -0.7%
2. Nasdaq 100: -0.8%
3. Dow Jones: -0.7%
4. WTI Crude: +3.0%
5. Natural Gas: +1.0%
6. Gold: -0.9%
President Trump's deadline is now…
Fuel prices have risen above $115 per barrel, heightening inflation risks. According to analysts at The Kobeissi Letter, if current levels persist for another seven weeks, inflation could surge to 3.7% — the highest since September 2023.
Oil prices are now crossing above $115/barrel in the US.
— The Kobeissi Letter (@KobeissiLetter) April 5, 2026
As a result, our models indicate that if current levels are sustained another ~7 weeks, US CPI inflation will rise to ~3.7%.
This would put US inflation at its highest level since September 2023.
Amid the surge,…
As a reminder, at the beginning of April, Glassnode experts predicted a prolonged movement for Bitcoin in the range of $60,000 to $70,000. They stated that a catalyst is needed for the cryptocurrency to rise.