Bloomberg Intelligence senior commodity strategist Mike McGlone has published a warning suggesting Bitcoin (BTC) could revert toward $10,000 as broader financial market turbulence spreads.
His remarks framed the current market slide as part of a broader risk-asset unwind tied to stocks, volatility cycles, and macro liquidity.
Macro Stress Signals Point to Rising Pressure
McGlone linked his outlook to several macro signals, including U.S. stock market capitalization relative to GDP at century highs, unusually low 180-day volatility in the S&P 500 and Nasdaq 100, and a rally in gold and silver that he said is occurring at speeds last seen about fifty years ago.
He characterizes the current environment as one where “the crypto bubble is imploding” and framed 2026 as potentially reminiscent of 2008 in terms of market turbulence.
The analyst shared a chart that compared Bitcoin divided by ten with the S&P 500, which showed both hovering below 7,000 on February 13. He added that
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