Bitcoin at $85,896 Defies McGlone and Schiff’s $10,000 Prediction

Mike McGlone of Bloomberg Intelligence and gold advocate Peter Schiff both predict that Bitcoin (BTC) could drop to $10,000, a price last seen in 2020. McGlone has repeatedly made this forecast throughout 2026, while Schiff warns of a potential cycle of forced selling that could drive prices down further. As of October 6, 2026, Bitcoin is trading at $85,896, up 2.3% over the past week. To reach $10,000, Bitcoin would need to fall by 88% from its current level.

McGlone’s prediction is based on a reversion-to-mean approach, suggesting that Bitcoin, which has remained well above its long-term value, will drift back towards $10,000. He highlights this as the most frequently traded price level for Bitcoin since the launch of CME Bitcoin futures in 2017. Schiff, on the other hand, warns that falling prices could trigger a ‘death spiral,’ where forced selling by borrowers and leveraged traders leads to further declines.

For Bitcoin to fall to $10,000, three key factors would need to unfold. First, heavy redemptions from spot Bitcoin ETFs could force funds to sell Bitcoin to meet withdrawal requests. Second, corporate treasuries holding Bitcoin might sell under pressure, especially if they face refinancing challenges. Third, a simultaneous downturn in stocks, credit, and crypto markets could deter buyers from stepping in during price dips, exacerbating the decline.

Despite spending significant time below McGlone’s $69,000 threshold in 2026, Bitcoin has recovered rather than spiraling downwards. Currently, Bitcoin stands 14.5% above McGlone’s $75,000 benchmark and 24.5% above his $69,000 line, suggesting his prediction may not hold. While risks remain, such as ETF redemptions and corporate selling, Schiff’s theory lacks a clear price point to disprove it. As of now, the likelihood of Bitcoin falling to $10,000 appears increasingly remote.