The future of Bitcoin (BTC) was discussed in a program featuring prominent figures in the cryptocurrency market, including Scott Melker, Peter Tchir, Kyle Reidhead, and Bloomberg Intelligence senior commodities strategist Mike McGlone. The experts evaluated Bitcoin’s increasing dependence on traditional financial markets, the deterioration in the risk-return balance, and the decrease in speculative demand in the cryptocurrency market.
Mike McGlone, in particular, argued that the high returns Bitcoin offered investors in previous years are now gone, warning of a potential prolonged stagnation in the cryptocurrency market.
Mike McGlone: Bitcoin’s Old Days Are Over
According to McGlone, one of the biggest problems Bitcoin faces is losing the risk-return advantage it offers compared to traditional investment instruments.
The analyst noted that Bitcoin’s annual volatility has fallen to only 1.1 to 1.2 times that of gold, indicating a historically extremely low level. McGlone recalled that in the past, when Bitcoin was eight times more volatile than gold, investors were able to achieve much greater returns in exchange for this high risk.
However, McGlone argued that the situation has changed under current market conditions, stating that while Bitcoin shows a high correlation with stocks, it has underperformed indices such as the Nasdaq and S&P 500.
According to the analyst, there is no longer a strong reason for professional investors to turn to Bitcoin. McGlone noted that investors who are getting lower returns than traditional stock indices despite enduring high volatility may move away from cryptocurrencies.
McGlone argued that Bitcoin’s high-yielding days are over and that current conditions need to change for the market to re-enter a strong upward trend.
Attention Drawn to $60,000 and $98,000 Levels in Bitcoin
While Bitcoin was trading at approximately $74,845 during the program, McGlone stated that he maintained his expectation of a decline throughout 2026.
The analyst stated that since the beginning of the year, he has considered the $60,000 level as a significant support level and $98,000 as a strong resistance level for Bitcoin.
McGlone noted that Bitcoin has lost approximately 14 percent of its value since the beginning of the year, while the S&P 500 index has risen by about 11 percent during the same period.
According to McGlone, one of the most important factors determining Bitcoin’s future performance will be the direction of the US stock market. He specifically suggested that a 20% and prolonged decline in the S&P 500 index could have serious consequences for the cryptocurrency market.
The analyst also acknowledged that he might reconsider his current negative view if Bitcoin manages to rise independently of the decline in traditional markets.
Kyle Reidhead: Sellers May Be Exhausted in Bitcoin
Kyle Reidhead, however, countered McGlone’s pessimistic assessment, arguing that the cryptocurrency market may be in the early stages of a new bull run.
Reidhead noted that it was remarkable that Bitcoin had remained strong despite recent negative developments.
Reidhead, who viewed Bitcoin’s avoidance of a sharp collapse positively despite the multi-billion dollar cyberattack targeting Binance and the selling pressure on technology stocks, said that a large portion of investors who wanted to sell in the market may have already closed their positions.
Reidhead stated that although he predicts Bitcoin may fall to levels slightly above $70,000 in the short term, he maintains his long-term bullish outlook.
According to the analyst, a decrease in geopolitical tensions, a decline in oil prices, and an improvement in macroeconomic conditions could trigger a new and rapid surge in Bitcoin.
Scott Melker also noted the importance of Bitcoin’s resilience against negative news flow, arguing that a stronger recovery than current price levels is possible in the cryptocurrency market.
*This is not investment advice.
