McGlone Warns SPX Pullback Could Send Bitcoin Price to $10K
Bitcoin (BTC)
Editor:
Eugene Serbin
news.bitcoin.com reported that Mike McGlone, senior commodity strategist at Bloomberg Intelligence, warned Bitcoin could retrace to $10,000. He cited high stock prices and upcoming interest rate hikes as reasons for a potential risk-asset drawdown. Bitcoin prices jumped nearly 25% in August, but McGlone sees $80,000 as a tough resistance wall.
He described Bitcoin as a highly volatile digital asset correlated with the stock market. The analyst noted Bitcoin’s performance matched the SPX over five years but with three times the volatility. McGlone called assets deeply correlated to the SPX "stock puppets" that would tumble in a market drop.
He identified three reasons for a lower price: the $80,000 resistance, Fed funds futures pricing 0.70% in hikes, and high SPX valuations. He stated Bitcoin fits this category due to its correlation and competition with millions of other coins. McGlone believes Bitcoin might act as a leading indicator for risk assets. He concluded that proving this scenario wrong would require sustained divergent strength from the crypto.
How the market reacted
Whalio's own Binance spot order flow for BTC, measured when this story was written up on 13 September 2026. Not the outlet's figures.
Bitcoin is trading at $77,278.73 with a 1-hour buy ratio of 39.4% and a 4-hour buy ratio of 48.9%. These short-term figures are below the 24-hour buy ratio of 53.5%, indicating that buying pressure is fading in the immediate term. The 1-hour volume delta is negative at -$2,446,179, showing that sellers are currently dominating the flow. In contrast, the 24-hour volume delta is positive at +$43,646,194, reflecting net buying over the longer period. This suggests that while recent hours have seen more selling, the daily trend remains net positive. The CVD for the 24-hour close is +$23,509,525, confirming that buyers have controlled the flow for the full day.
The latest daily buy ratio of 46.7% sits at the 18th percentile of the last 322 days, against a median of 49.2% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for BTC, averaged over the days leading up to the story.
The current 24-hour buy ratio of 53.5% is higher than the 7-day average of 46.6%, showing a +6.9 point increase. However, the 24-hour volume is only 0.57x the average, indicating significantly lower participation than usual. Over the preceding week, there were zero days of net buying, with a total volume delta of -$486,137,310. This contrasts with the current day's positive delta, marking an unusual shift in momentum. The price has changed -3.2% over the past 8 days, reflecting the broader weekly downtrend.