Bloomberg analyst declares 'Bitcoin trade has concluded' in 2026 market forecast
Mike McGlone, Bloomberg's commodity strategist, details his shift to a pessimistic stance on Bitcoin and shares his comprehensive market forecasts for 2026.
Mike McGlone, strategist at Bloomberg Intelligence, has announced a complete reversal of his position on Bitcoin and the wider cryptocurrency sector, suggesting that market participants ought to "sell the rallies" when it comes to risk assets throughout 2026.
According to McGlone's assessment, the fundamental circumstances that previously made Bitcoin (BTC) an attractive investment have undergone significant transformation. The digital asset that initially emerged as a scarce, revolutionary alternative has evolved into a component of an overcrowded and excessively speculative marketplace, displaying increasing correlation with equity markets and susceptibility to identical macroeconomic pressures that influence conventional financial instruments.
McGlone identifies similarities with historical market tops, highlighting rampant speculation, the greenlight given to exchange-traded funds (ETFs) and unusually low volatility levels as red flags. According to his analysis, Bitcoin has transitioned from functioning as protection against the financial system to becoming an integral part of it, representing a fundamental shift in its role.
The discussion extends far beyond the cryptocurrency space. McGlone presents a bleak macroeconomic forecast for equities, commodities and precious metals, suggesting that the dramatic surge in gold prices might represent less of a bullish indicator and more of a warning signal pointing to underlying market fragility.
According to McGlone's characterization, whenever "the stupid rock" begins to outpace all other asset classes, market participants would be wise to take notice.
Watch the full interview on Cointelegraph's official YouTube channel for McGlone's view on how low Bitcoin could fall, and which signals he is watching instead.
This interview has been edited and condensed for clarity.