McGlone Warns Bitcoin May Not Have Hit Bottom Yet
Bitcoin's recent surge above $86,000 has sparked a warning from Mike McGlone, senior commodities strategist at Bloomberg Intelligence. He questions whether Bitcoin's decline to around $60,000 in 2026 will be the final bottom of the current correction.
McGlone likens Bitcoin's price movement to the sharp decline in crude oil prices after it surpassed $100 per barrel in 2008. According to him, after Bitcoin makes its first monthly close above $100,000 in January 2025, it may enter a period of 'high price correction' similar to what happened with oil.
The analyst warns that the current macroeconomic conditions and increasing liquidity shortages are putting pressure on Bitcoin due to income alternatives from traditional finance. With record-high stock markets and US 10-year Treasury yields rising above 5% in the third quarter, there is increased competition for non-income assets like Bitcoin.