Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, has revised his medium-term Bitcoin forecast, warning of a significant price correction risk. The leading cryptocurrency is struggling to consolidate above the psychologically important $69,000 level while U.S. equity markets (Nasdaq, S&P 500) are hitting new all-time highs, a divergence interpreted as a sign of the speculative bubble deflating. The strategist compares Bitcoin’s multi-year rise to a Faustian bargain: each major rally was driven by temporary artificial support (liquidity injection in 2021, spot ETF launch in early 2024, regulatory easing in late 2024). Bitcoin is currently trading around $63,000, but ETF inflows have dried up and regulatory hype has subsided, leaving the market alone against cyclical macroeconomic forces. According to Bloomberg’s historical analysis, Bitcoin risks returning to its pre-massive-fiat-money-issuance fundamental level, around $10,000, the average price recorded between 2019 and 2020.
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