Bitcoin could slide to the $10,000 support level if the U.S. stock market falls 20 percent, a forecast said. On Oct. 16 local time, blockchain outlet U.Today reported that Bloomberg Intelligence chief macro strategist Mike McGlone said bitcoin could give back most of its gains from recent years in that case and return to the key support level around $10,000.

In a new report, McGlone said bitcoin could head toward support near $10,000 if the U.S. stock market undergoes a 20 percent correction. He noted that while bitcoin has been a 대표 asset showing risk appetite since 2009, it has recently shown signs of a reversal in global trends.

Technical indicators also pointed to a bearish trend. Bloomberg Intelligence's 50-week moving average indicator showed bitcoin turned down after peaking above $100,000 in 2025. A bitcoin index adjusted to one-tenth fell to 7,648, and it declined faster than other commodities and equity-linked assets.

The key question is whether the U.S. stock market and major industrial metals will follow bitcoin. As of October 2026, the composite metals index stands at 8,130, the S&P 500 at 7,192 and copper futures around 6,045. McGlone said if bitcoin is the asset most sensitive to liquidity, traditional markets could also enter a similar downturn.

He cited changes in monetary policy as a reason for this pessimism. Major central banks have shifted to a tightening stance and are keeping interest rates high, while bond yields have risen sharply, making conservative debt products more attractive, he said. With liquidity shrinking, funds moved into defensive tangible assets, and gold prices settled above $5,000 an ounce in the first quarter.

McGlone said if the U.S. stock market actually falls 20 percent, a chain reaction of forced selling of margin positions by large investors could occur, pushing bitcoin back to $10,000, a historic liquidity reference point.