$10K Warning: Bitcoin Crashes if US Stock Market Suffers 20% Correction

Bloomberg Intelligence strategist Mike McGlone has once again warned that Bitcoin could plummet to $10,000 if the US stock market suffers a prolonged 20% correction. This warning comes as markets price in an 87% chance of a Federal Reserve rate hike on September 16.

McGlone argued that a sustained decline of roughly 20% in the S&P 500 could be enough to send Bitcoin back toward its long-term pivot around $10,000. He noted that this would erase approximately 87% of Bitcoin's current value and exceed a 92% drawdown measured from its October 2025 record.

McGlone has repeatedly predicted a return to $10,000 since December 2025, citing the asset's failure to break decisively through $80,000 as one of the key factors. He also highlighted the Fed funds futures pricing approximately 70 basis points of rate increases over the next year and the S&P 500's historically elevated position above its 200-week moving average.

However, Goldman Sachs cross-asset sales head Jonathan Shugar argued that strong corporate earnings could allow stocks to withstand modest tightening. Shugar said the S&P 500 could climb above 8,000 by the end of 2026 or during 2027.