Bitcoin Price Could Face Sharp Reversal, Bloomberg Analyst Warns

Bitcoin has climbed back above $86,000, but Bloomberg Intelligence senior commodity strategist Mike McGlone is warning that the recovery could face another sharp reversal. McGlone sees Bitcoin caught between the $100,000 area and a potential return toward $60,000, citing high Treasury yields, stock-market risks and weaker support from traditional markets.

Mike McGlone Warns of a Bitcoin “High-Price Cure”

McGlone’s “high-price cure” theory suggests that unusually high prices can eventually weaken demand and trigger a correction. He has compared Bitcoin’s move above $100,000 in January 2025 with crude oil’s rise above $100 a barrel before its major decline in 2008.

Using this comparison, McGlone has questioned whether Bitcoin has already established a durable bottom around $60,000. 

He also noted that Bitcoin has struggled to remain significantly above previous resistance levels even as major U.S. stock indexes continue to trade near record highs.

McGlone further point to increased competition within the digital-asset market. While gold primarily competes with other precious metals, Bitcoin now competes with thousands of cryptocurrencies and Layer-1 networks for global investment capital.

5% Treasury Yields Add More Pressure