Bitcoin's $60,000 Floor Deemed Unlikely by Top Bloomberg Strategist

Bloomberg's top macro strategist, Mike McGlone, has issued a warning that Bitcoin's current stabilization around $60,000 may be a fake bottom.

The market is experiencing a severe liquidity shortage, with traditional finance offering higher yields and lower risk. The US Treasury 10-year yield has moved above 5%, making Bitcoin less attractive to institutional investors who seek passive income.

McGlone notes that the current rebound may be a temporary reprieve, giving investors an opportunity to exit the market at high prices and wait for the true liquidation phase. The strategist suggests that the real bottom may be at $10,000, which would provide a long-term window of opportunity for buyers.

The argument against the durability of the current bottom is supported by the historical reference point of WTI crude oil in 2008. McGlone notes that Bitcoin's break above $100,000 in January 2025 acted as a 'high-price cure,' setting off a prolonged downturn in demand.