Bitcoin Price Plunge Sparks Chilling Comparison to 1929 Wall Street Crash

Analyst Mike McGlone has made a chilling comparison between the current Bitcoin market and the stock market of 1929. In an X post, he shared an excerpt from Brendan Greeley's book 'The Almighty Dollar: 500 Years of the World's Most Powerful Money', which refers to economist Irving Fisher's statement on Oct. 16, 1929, that stock values had reached a 'permanently higher plateau' and would be even higher in the next months.

Just days later, the New York Stock Exchange crashed on what came to be called 'Black Thursday' on Oct. 24, 1929, marking the beginning of the Wall Street Crash of 1929, which led to the Great Depression that lasted until 1939.

McGlone says Bitcoin has already peaked following the launch of crypto-linked exchange-traded funds (ETFs) and bullish comments from the Trump family. The cryptocurrency peaked at $126,080 on Oct. 6, 2025, but is currently trading 50% lower at around $63,889.