Bitcoin Bear Sees BTC Sliding Toward $10K, Says Strategy’s Saylor Must Be ‘Stopped Out’

• Bitcoin is in a “severe, serious” bear market that is “just getting started,” according to Bloomberg Intelligence’s Mike McGlone.
• On Bitcoin’s performance this year, he said: “It’s a good sign that it’s probably heading towards 10,000.”
• “There’s only one thing that matters for him right now: Bitcoin has to go up. Michael Saylor of Strategy has to be stopped out,” McGlone said.

A day after Strategy surprised markets by selling $216 million worth of Bitcoin to fund dividends on its new STRC preferred stock, one of Wall Street's best-known crypto bears said the move only reinforced his conviction that Bitcoin is headed much lower. Bloomberg Intelligence's senior commodity strategist Mike McGlone said on Monday that cryptocurrencies are in a "severe, serious bear market" that is just getting started, predicting Bitcoin (BTC) could fall toward $10,000 as the asset leads risk markets lower.

"There's an unlimited supply of cryptos," McGlone said on the Macro Monday episode of Scott Melker's podcast, also famously known as the “Wolf of All Streets,” arguing that quickly advancing technology is bearish for the sector and that the market has begun purging excess tokens. "Bitcoin is one of them."

McGlone said Bitcoin's performance this year was "a good indication it's probably going towards 10,000," and that Strategy Inc (MSTR) Chairman Michael Saylor needs to be "stopped out." There is "only one thing that matters for him right now," McGlone said, "Bitcoin has to go up."

Analysts Say Strategy Sale A Test Bitcoin Passed

Market structure analyst Dave Weisberger disagreed with the bearish read, calling Strategy's sale a bigger deal for MSTR stock than for Bitcoin itself. He said the smooth absorption of the sale proved market liquidity is deep and benefits Bitcoin lenders who accept the asset as collateral.

Weisberger also disputed the narrative that the sale happened over the weekend, saying it "was done last week" and that no one detected it until the company disclosed it. He said the realized loss would generate a tax benefit, and that with roughly 19 to 20 months of dividend runway now funded, "there's no reason for MicroStrategy to be a drag on Bitcoin."

Weisberger also rejected McGlone's "unlimited supply" thesis, arguing most cryptocurrencies will not influence Bitcoin's price "any more than” Alphabet (GOOG/ GOOGL) or Meta (META). He said the difference between crypto and equities was structural: securities rules keep most US companies out of public markets, while "every crypto is investable to the general public the day it's born."

Analysts Push Back On The Bearish Thesis

Additionally, credit strategist Peter Tchir said that digital asset treasury companies taking "a step back" from the market narrative was healthy, arguing that crypto can build a durable base only when traders stop watching whether Strategy was buying or selling.

McGlone held firm, saying the Bloomberg Galaxy Crypto Index had fallen from 4,000 to 2,000 and he expected it to reach 1,000. He said Bitcoin's 200-day moving average near $75,000 was a level to sell into, and repeated his call that the Federal Reserve's next move would be a 50-basis-point cut triggered by a falling stock market. "Respect the bear," he said.

Melker pushed back on the depth of the bearish calls, noting that Bitcoin had already fallen 55% and that widespread predictions of another 90% drawdown have historically appeared near "overemotional" market bottoms.

Saylor's First Sale Under New Framework

The comments came a day after Saylor disclosed that Strategy sold 3,588 Bitcoin for $216 million to fund dividends on its Digital Credit preferred securities, the company's first sale under the BTC monetization program its board authorized in late June. Strategy held 843,775 BTC and $2.55 billion in USD reserves.

MSTR’s price was down 0.3% in pre-market trade. On Stocktwits, the retail sentiment around MSTR improved to ‘extremely bullish’ from  the ‘bullish’ zone, while chatter around it stayed at ‘normal’ levels over the past day

Bitcoin’s price was up by over 0.5% during the past 24 hours. On Stocktwits, the retail sentiment around BTC remained in the ‘bullish’ zone, while chatter around it shifted to ‘normal’ from ‘low’ over the past day.

Read also: Bitcoin Rally Stalls Near $64K – Strategy's Biggest BTC Sale Fails To Shake Bulls

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