Bitcoin Price May Be Headed for 2008-Style Crash, Warns Bloomberg Strategist
Bloomberg Intelligence senior commodity strategist Mike McGlone recently warned that Bitcoin's price behavior may be heading for a crash similar to the oil shock of 2008. According to Bloomberg, West Texas Intermediate (WTI) crude hit its first monthly close above $100 per barrel in February 2008 and subsequently pulled back without consolidating that level over the long term.
Bitcoin reached an eight-month high of $87,359 on September 22, 2026. Spot Bitcoin exchange-traded funds (ETFs) in the United States recorded net inflows of $1.71 billion across two consecutive trading sessions during the third week of September 2026.
McGlone's thesis suggests that the pioneer crypto asset's monthly close above $100,000 in January 2025 may not represent a definitive bullish confirmation but rather a signal of demand exhaustion.
Historical crude oil data indicates that this breakout preceded a sharp collapse in energy valuations and ended up establishing a multi-year ceiling that was difficult to sustain. The analyst referenced the structural supply shift within the North American market, where the United States and Canada posted a combined liquid fuel deficit close to 10 million barrels per day in 2008.