On September 13, 2026, Mike McGlone, senior strategist at Bloomberg Intelligence, issued another warning: if the S&P 500 sees a drawn-out 20% correction, he thinks Bitcoin could tumble back to its “long-term anchor” around $10,000.

In his latest market review, McGlone describes Bitcoin as a highly volatile, speculative asset that moves in sync with the stock market. He says there are “sell signals” flashing right now, with risks piling up thanks to pricey equities and the Fed’s rate hikes. McGlone also points out that Bitcoin acts as a “beta” asset for a wide range of crypto projects.

Scenario: Bitcoin Tied to S&P 500 Moves

McGlone links the odds of a Bitcoin drop to the chance of a 20% slide in the S&P 500 if a long correction drags on. In his view, stock market weakness could be the catalyst that sends the top crypto tumbling toward that target zone.

$10,000 Level as Key Support

He calls the $10,000 area a long-term “support point” for Bitcoin. According to McGlone, that’s the level the coin could revisit if the broader market takes a hit and the stress scenario plays out.