Mike McGlone, chief macro strategist at Bloomberg Intelligence, warns that Bitcoin forming a bottom at $60,000 is « unlikely. » He points to US Treasury bonds yielding 4.95% to 5.00% as fierce competition for non-income-producing assets like Bitcoin. His reference to WTI crude oil in 2008 suggests a prolonged Bitcoin decline since its peak above $100,000 in January 2025. Bloomberg Intelligence’s calculations place the truly justified bottom around $10,000, which would only occur after an approximately 20% correction in US stocks.
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