Why Bitcoin Might Flop Back to $10,000-And No One Will Be Surprised

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Ah, Bitcoin-a marvel of modern finance, or perhaps just a highly entertaining game of musical chairs with digital coins. Mike McGlone, our ever-wise Bloomberg sage, insists that Bitcoin might waltz back down to $10,000, much like a diva hitting her dramatic low note, and he’s not doing this out of blind faith or some affection for the digital gold. No, dear reader, it’s all about who bought when, and who’s still waiting in the wings to buy at these charmingly modest levels, as if we’re all attending a grand financial ball where the dance is over before it begins.

Cast your mind back to 2020-a simpler time, when Bitcoin flirted flirtatiously near $10,000. Ah, yes, Michael Saylor and his ilk swooped in like the wealthy debutantes, buying in bulk and absorbing the supply like it was a fancy canapé at a gala. Their acquisitions made the price rise faster than expectations at a Wilde soirée, attracting more admirers-er, buyers-without needing fresh demand. Such a charming dance of supply and demand.

Then came the Wall Street wizards-spot Bitcoin ETFs-swinging open the gates of the financial castle and ushering a flood of capital into the mix. The market buzzed, demand surged, and prices lofted into the stratosphere. But as with all good things, the excitement dimmed. That inflow of new money? Well, it’s already in the market, and the early adopters-those sly old foxes-still hold most of the Bitcoins, sitting on unrealized gains large enough to make a monarch blush. Naturally, with such a large stash, when prices dip, they’re tempted to sell, as all great aristocrats are when faced with a dwindling treasury.

Disruption-The New Reality

Meanwhile, investors are spoiled for choice-thanks to the genius of CoinMarketCap, which now lists around 28 million cryptocurrencies. Yes, millions. It’s like trying to choose a favorite star in the night sky-impossible, and perhaps unnecessary. Capital no longer flows seamlessly into Bitcoin; it disperses across a constellation of contenders, each vying for a sliver of attention.

McGlone-a man of considerable wit-compares this scenario to the stock market just before 2007. Prices held their hauteur, even as the undercurrents grew turbulent, until-bah!-sellers outnumbered buyers, and down they tumbled. Saylor, with his castle of 671,268 BTC at an average price near $75,000, sits comfortably but not impressively, for his holdings are already locked in-no fresh capital to support prices when the music stops.

And so, the stage is set. The proposed reset for Bitcoin is, as McGlone suggests, a charming little number at $10,000, ready to be played once again-cue the dramatic music, and maybe a tear or two. 🎭💸

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2025-12-16 17:11