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Bloomberg Strategist Mike McGlone Predicts Bitcoin Drop to $56,000
Bloomberg Intelligence strategist Mike McGlone has predicted that Bitcoin could fall to $56,000.
“In my view, the chart shows that a decline in the price of the first cryptocurrency to its 48-month moving average is quite a normal occurrence.
It’s currently around $56,000 after a prolonged bull rally observed in 2025,” wrote McGlone.
The chart referenced by McGlone shows that BTC dropped to its 48-month moving average after strong upward trends ended in 2017 and 2021.
If this pattern repeats, Bitcoin could indeed fall to around $56,000.
However, analysts at research firm Glassnode disagree with McGlone, calling the recent drop in Bitcoin’s price below $100,000 a normal correction.
They justify their stance by noting that the current level of relative unrealized losses among BTC holders is 3.1%, significantly below the 5% threshold at which losses become meaningful.
“The current correction is similar to the mid-cycle slowdown seen in previous bull markets.
Holders of 71% of all bitcoins still have unrealized profits.
However, the consistent selling of BTC by hodlers since July, along with capital outflows from ETFs, indicates that both retail and institutional investors are losing faith in the continuation of the bullish trend,” Glassnode analysts concluded.
See also: "Galaxy Digital Calls Zcash the “Spiritual Successor” to Bitcoin"
