Bloomberg senior commodities strategist Mike McGlone shared a noteworthy assessment of Bitcoin and the cryptocurrency market in general.
McGlone stated that current macroeconomic conditions are putting pressure on risky assets, and that the scenario in which the Bitcoin price could fall to the $10,000 level in the long term is becoming increasingly discussed.
“Bitcoin Will Only Stabilize If US Stocks Remain Strong”
According to McGlone, the resilience of US stock markets, in particular, plays a critical role in this scenario. The strategist argued that Bitcoin, among millions of crypto assets, could stabilize under certain conditions, but this depends on the stock markets remaining strong. However, he noted that the low volatility in US stock markets despite rising risk indicators in commodities like gold and oil is “a rare occurrence in history.”
On the other hand, McGlone compared the current market dynamics to the process leading up to the 2008 global financial crisis. Recalling that rising oil prices had historically paved the way for recessions, the strategist stated that a similar pattern could re-emerge. In this context, he added that movements in energy markets are critical for the global economic outlook.
McGlone also shared his “normalization” expectations for 2026. According to the analyst, possible scenarios include WTI oil prices heading towards $40, copper towards $4, US Treasury yields towards 4%, gold towards $4,000, and silver towards $50.
In his assessment of the crypto market, McGlone also referenced Michael Saylor’s past statement, “We buy Bitcoin with money we can’t afford to lose,” noting that such approaches reflect periods of excessive risk appetite. McGlone added that MicroStrategy is a pioneer in this field with its Bitcoin investments.
*This is not investment advice.
