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In his latest insights on “The Wolf of All Streets,” Scott Melker pointed out that the Nasdaq has reached a midpoint towards a 20% decline, while Bitcoin continues to maintain a position significantly above its 2026 low.
- Mike McGlone initially forecasted this downturn in the first quarter of 2025 when Bitcoin was trading above $100,000, indicating that a 20% correction in the S&P 500 could trigger the decline.
- The S&P 500 is currently approximately 6% below its peak over the past year.
- According to Scott Melker, the recent stock market sell-off has impacted Bitcoin less than market pessimists had anticipated.
Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence, reinforced his prediction that Bitcoin (BTC) could drop to $10,000, asserting that the onset of a new bear market for stocks is already in motion.
He revealed that he first made this prediction in the first quarter of 2025 when Bitcoin was valued at over $100,000, stating that this outlook has not changed.
“My prediction from the first quarter of 2025, when Bitcoin was above $100,000, suggested that it would lose a zero if the S&P 500 (SPX) experienced a substantial downturn and remained low for some time,” he posted on X this Friday.
A “loss of a zero” for Bitcoin implies a decline of around 90%, bringing its value to roughly $10,000. McGlone emphasized that this level is significant for the cryptocurrency, noting that “10,000 Bitcoin acts as a crucial pivot point.”
He also established a correlation between the cryptocurrency and stock markets, highlighting that Bitcoin peaked on October 6 of last year, while the Nasdaq hit its highest point exactly one year later, on October 6, 2026.
“Let’s hope the market gods are on our side as we enter the next stock bear market, which I believe has commenced,” he mentioned.
As for Bitcoin, it was valued at $75,830, up 0.2% in the last 24 hours. Meanwhile, the S&P 500 closed at 7,376 points on Friday, roughly 6% below its one-year peak of 7,844. This is still far from the 20% drop that McGlone suggests would push Bitcoin down toward $10,000.
On Stocktwits, investor sentiment regarding Bitcoin leaned towards the bearish side, with engagement about its performance at normal levels over the previous day.
Melker Challenges the Argument
McGlone’s comments were a response to Scott Melker, a crypto trader and prominent investor known as the “Wolf of All Streets.” Melker stated that the recent stock market decline hadn’t severely affected Bitcoin as many had predicted. “The Nasdaq has officially entered correction territory today, dipping more than 10% from its recent highs,” Melker shared on X.
Melker further noted that the market has already experienced half of the decline expected to adversely affect Bitcoin. “With the Nasdaq down 10%, we are still sitting $17,000 to $18,000 above Bitcoin’s lowest point,” he remarked.
“To suggest that a 20% drop in the Nasdaq would drive Bitcoin down to $10,000 or lower seems illogical to me, especially considering we’re already halfway there.”
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