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Hundreds of contracts settled in USDT or BTC
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Bloomberg's Legendary Analyst Mike McGlone Reveals the Level He Expects Bitcoin to Reach by 2026
Source: CryptoNewsNet Original Title: Bloomberg’s Legendary Analyst Mike McGlone Reveals the Level He Expects Bitcoin to Reach by 2026 Original Link: https://cryptonews.net/news/bitcoin/32203637/ Bloomberg Intelligence Senior Commodities Strategist Mike McGlone has issued a warning that a widespread downturn in global financial markets could occur in 2026.
According to McGlone’s analysis, Bitcoin could fall to $50,000 in 2026, with a more pessimistic scenario potentially seeing a decline of up to 90%, bringing it down to $10,000.
Bitcoin’s Competitive Disadvantage
McGlone argues that although Bitcoin was the first cryptocurrency to emerge in 2009, it now competes with millions of other digital assets. This fragmentation weakens Bitcoin’s long-term value dynamics compared to traditional commodities. He drew a striking comparison with gold, noting that gold has only three main competitors: silver, platinum, and palladium.
Gold’s Potential Upside
Contrary to his bearish Bitcoin outlook, McGlone presents a relatively positive picture for gold in 2026. He projects that gold prices could rise by approximately 10 percent, potentially exceeding $5,000 per ounce.
Broader Market Concerns
McGlone believes 2026 will be a challenging year for most asset classes overall. He suggests that the strong performance of gold prices relative to other assets could signal a potential correction in the US stock market. Additionally, he argues that oil, copper, silver, and other risky assets could face significant downward pressure.
This is not investment advice.