McGlone Warns of Potential New Pressure on Bitcoin Amid Recovery

Bitcoin has been trading close to $85,000 after a brief attempt to reach $88,000, but analyst Mike McGlone from Bloomberg Intelligence remains cautious. In a recent analysis published on X, McGlone questioned whether the drop to near $60,000 in 2026 marked the bottom of the current correction cycle.

McGlone compared Bitcoin's behavior with oil after it first crossed the $100 mark in 2008, suggesting that the market may be experiencing a 'healing' of elevated prices following Bitcoin's record monthly close above $100,000 in January 2025.

The main concern raised by McGlone is whether the decline to the $60,000 range was enough to eliminate the excesses accumulated during the previous strong rally. He highlighted two factors that may limit Bitcoin's recovery: the US stock market at record levels and rising yields on US Treasury bonds.