astronaut
Pearl
Zcash
Walrus
NEAR Protocol
Starknet
Pudgy Penguins
On Sunday, Jan. 18, Bitcoin price crashed another 2.6% with the European Union (EU) escalating the Trump tariff war. Bloomberg analyst Mike McGlone stated that the repeated rejection of BTC at $100K could push it to $10,000 in 2026. He also shared how the rally for yellow metal Gold is impacting BTC big time.
Bitcoin Price to $10,000 Possible in 2026
Bloomberg Intelligence analyst Mike McGlone warned that Bitcoin could face a deeper downside scenario in 2026. He argued that the failure to sustain its momentum in 2025, could lead to an even bearish outlook this year. Moreover, systematic outflows from spot Bitcoin ETFs have dampened institutional sentiment.
McGlone noted that the Bitcoin price is once again seeing a major pullback after the early 2026 rally. He added that BTC still needs to prove strength to continue with the broader market rally.
The Bloomberg analyst also noted that Bitcoin’s prolonged weakness below $100,000 could signal a late-cycle “end-game” move. This could potentially lead to a broader BTC price revision to $10,000.
McGlone noted that there’s been an elevated level of hype around Bitcoin, with weaker risk-adjusted performance since 2021. He said that with an extended overall supply and old hands selling, there’s a growing chance of a strong Bitcoin price retracement.
Bitcoin vs Gold Performance In Recent Times
In addition, Mike McGlone also pointed out Bitcoin’s performance relative to gold over the past five years. In his message, he stated that the Bitcoin-to-gold ratio is currently undergoing a “five-year-curse”.
McGlone noted that Bitcoin/gold remains near 20x, roughly unchanged from levels seen five years ago. Looking at the current Gold price rally, the analyst questioned if the ratio could revert from here of see further downtrend. As per McGlone, his base case is continued mean reversion toward 10x rather than a return to 30x.
On the other hand, with US President Donald Trump escalating his tariff war, the yellow metal continues to outshine. Gold futures jumped to a fresh record high of $4,660 per ounce on Sunday, Jan. 18.
This happened as markets reacted to President Trump’s announcement of new 10% tariffs on the European Union. Thus, amid the rising geopolitical and economic uncertainties, yellow metal Gold has emerged as the top choice as a safe-haven asset.
Crypto Market Gets Shaky on EU-US Trade Tensions
Crypto markets saw a sharp wave of liquidations over the past 24 hours as Bitcoin price drop to $92,000 again. Data showed total liquidations reached roughly $867 million, with long positions accounting for about $784 million compared to $82 million in short liquidations. The unwind hit major assets, including Bitcoin, Ethereum, and Solana, as heavy long leverage was liquidated.
This happened as the European Union announced retaliatory tariffs against the US. It also marks a major escalation in the EU-US trade tension after US President Donald Trump announced 10% tariffs on top EU economies starting Feb 1. These trade-war tensions erupted amid Trump’s plans to take over Greenland, which EU leaders have opposed.
Reports that the EU is preparing tariffs and other market restrictions totaling up to $100 billion targeting U.S. companies. This has particularly triggered a major risk-off sentiment among traders. On the other hand, Gold futures and Silver futures surged over the weekend.
