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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Whales Accumulate 61,000 BTC in a Month as Small Holders Chase Momentum
Bitcoin whales and sharks—wallets holding between 10 and 10,000 BTC—have accumulated 61,568 Bitcoin over the past month, increasing their holdings by 0.45%, while wallets with under 0.01 BTC added just 213 BTC over the same period, according to Santiment data published March 26, 2026.
CryptopulseElite18m ago
Bhutan Government Transfers 123.7 BTC Worth $8.5M to New Address
Gate News bot message, the Central Government of Bhutan transferred 123.7 BTC valued at $8.5 million to a new address. The transaction represents a movement of the government's Bitcoin holdings to a different wallet address.
GateNews26m ago
Two whales opened short positions of one million BTC each, with liquidation prices above $69,580.
BlockBeats message, March 27, according to monitoring by Hyperinsight, within the past 20 minutes, the two addresses 0x4ef and 0xd04 opened high-leverage BTC short positions near $68,580 in succession. The position sizes both exceed $1 million. Currently, there is a slight unrealized loss of about 4%. Their liquidation prices are located at $69,582 and $69,947, respectively.
BlockBeatNews39m ago
Bitcoin macro risks spike as Ukraine throws a spanner in Trump's plan to stabilize oil markets
Ukraine's drone strikes have exacerbated oil market instability during the Iran war, complicating Trump's efforts to stabilize prices. This disruption risks prolonged high oil prices, leading to inflation and potential Fed rate hikes, which could challenge cryptocurrency stability.
CoinDesk53m ago
