Bitcoin’s price plummeted and global markets were shaken after US President Donald Trump threatened extensive tariffs on NATO countries over control of Greenland on Saturday.
Accordingly, the US will impose a 10% tariff on goods from the UK, Denmark, Norway, Sweden, France, Germany, the Netherlands, and Finland starting February 1st, and this rate will increase to 25% by June.
While these events negatively impacted Bitcoin, Bloomberg Intelligence analyst Mike McGlone, who generally predicts a decline for BTC in 2025, shared his new analysis.
Mike McGlone, in a statement on LinkedIn, claimed that if the Bitcoin price fails to rise above $100,000, the cycle will have come to an end and it could fall to $10,000.
“A failed rally in 2025 suggests a cautious short position (bet on a decline) scenario for 2026.”
Staying below $100,000 and failing to rise above it could signal the end of the game/bull run, and a normal pullback towards $10,000 is possible.
At this point, the analyst viewed the drop below the 200-day moving average and the rebound in early 2026 not as an uptrend, but as a phase of showing strength. The analyst also added that a correction to $50,000 this year would be a typical pullback.
McGlone concluded by saying that a stock market recovery is necessary for Bitcoin to gain further value, and that metals (precious metals), rather than cryptocurrencies, may form a relative peak this year.
“Bitcoin and gold have provided significant returns over the past decade, but cryptocurrencies have surged excessively last year. Therefore, metals (precious metals) may reach a relative peak this year.”
Furthermore, depending on how events unfold, Bitcoin and other cryptocurrencies may face downward pressure.
*This is not investment advice.