$60,000 Bitcoin Bottom Suddenly Looks 'Unlikely': Top Bloomberg Strategist

Bitcoin's current stabilization around $60,000, which most retail investors have rushed to call the long-awaited cyclical "bottom," is highly likely to prove false.

Bloomberg Intelligence's leading macro strategist, Mike McGlone, has issued a stark warning: a final bottom forming at these levels is "unlikely," and the market is on the verge of a broad return to historical averages.

For large investors, this statement changes the rules of the game, turning the current rebound to $86,200 into a final warning of a crash—and, at the same time, a rare opportunity to set aside cash for buying at much more attractive lows.

Echoes of the 2008 crisis: why Bitcoin at $60,000 may not hold and where investors should look for the real bottom

The main argument against the durability of the current bottom is the unprecedented liquidity shortage in the crypto market. Bitcoin is squeezed by fierce competition from traditional finance. McGlone notes: "too much competition for non-income-producing assets from the US Treasury 10-year yield's move above 5% in 3Q."

When risk-free U.S. Treasury bonds offer a guaranteed yield of 4.95%–5.00%, while the S&P 500 Total Return Index is pushing to new all-time highs, institutional capital simply sees no reason to hold positions in volatile Bitcoin, which generates no passive income.