McGlone Sees Bitcoin Caught Between $100k and $60k
Bloomberg Intelligence senior commodity strategist Mike McGlone is warning of another potential sharp reversal in Bitcoin's price. Despite climbing back above $86,000, McGlone sees Bitcoin caught between the $100,000 area and a possible return toward $60,000.
McGlone's 'high-price cure' theory suggests that unusually high prices can weaken demand and trigger a correction. He has compared Bitcoin's move above $100,000 in January 2025 with crude oil's rise above $100 a barrel before its major decline in 2008.
The strategist also noted that Bitcoin has struggled to remain significantly above previous resistance levels even as major U.S. stock indexes continue to trade near record highs. He further pointed out increased competition within the digital-asset market, with Bitcoin now competing with thousands of cryptocurrencies and Layer-1 networks for global investment capital.