McGlone Ties Bitcoin’s $10,000 Support to 20% U.S. Stock-Market Drop
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Two sharply different Bitcoin (BTC) downside estimates surfaced Oct. 16: strategist Mike McGlone tied possible support near $10,000 to a 20% U.S. stock-market decline, while CryptoQuant CEO Ki Young Ju put an on-chain floor near $30,000. McGlone made the $10,000 level conditional on the stock decline. He also pointed to Bitcoin’s falling 50-week moving average, comparing its pattern with 2022-23. In separate comments, he argued that a U.S. five-year Treasury yield near 5% could compete with Bitcoin and gold because neither generates income. Ju cited $58 billion in ETF inflows and 1.3 million BTC held by treasury companies. He argued that on-chain cost basis still placed a floor near $30,000 even if those holdings were sold.
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