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Legendary Bloomberg Analyst Mike McGlone: “I Expect an 80% Drop in Bitcoin and Cryptocurrencies”
Senior commodity strategist at Bloomberg Intelligence Mike McGlone warned that cryptocurrency markets could face a major crash this year.
McGlone stated that a drop in Bitcoin below the $60,000 level would “trigger a chain reaction,” describing the current market situation as a “classic pump-and-dump scheme.”
Emphasizing that cryptocurrencies are a key leading indicator for risk assets, McGlone said Bitcoin’s performance has been “terrible” since the launch of ETFs. Arguing that Bitcoin once helped drive the market higher but is now leading it downward, the strategist said: “Millions of tokens in the market represent nothing and are worth billions of dollars; large-scale liquidation has only just begun.”
McGlone, known for his long-standing bullish outlook on gold, announced a shift in his perspective. Noting that gold and silver are showing parabolic growth far exceeding fundamentals, the analyst predicts that gold may remain within a certain range (between $3,000 and $6,000) over the next decade.
McGlone argued that investors should avoid taking excessive positions in risk assets at this time, stating: “Prudent investing means not overloading on risk assets when they are at a century-high level.”
See also: "Will the Bearish Signal Lead to a 10% Drop in Bitcoin Price?"
