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Bloomberg Intelligence senior commodities strategist Mike McGlone predicts Bitcoin will fall to $10,000, calling the crypto asset class “dead” as unlimited token supply and five years of underperformance versus the S&P 500 make it uninvestable for institutional risk managers.

McGlone defines $10,000 as the most widely traded price for Bitcoin since 2019-2020, similar to how crude oil has traded around $57 per barrel for almost 10 years.

“That’s where Bitcoin set its place,” McGlone said, arguing the asset will return to this level during a broader risk asset correction.

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McGlone previously…