If you thought the recent 12% dip was painful, Bloomberg's senior strategist Mike McGlone just poured a bucket of ice water on the "Bitcoin to $100K" dream. His base case for 2026? A "Great Reversion" that could make 2008 look like a warm-up.
McGlone rates deflation risk a 10/10. He argues that after years of excess, the "wealth effect" is shattering. BTC isn't acting like a hedge; it's leading the deleveraging
Support or Speed Bumps? He sees the first major support for BTC at $50,000, but warns the downside risk extends to $10,000. For Ether? $2,000 is just a "speed bump" on the way to a potential $1,000 floor
Everything depends on the stock market. If the S&P 500 fails to hold 7,000, McGlone expects equity volatility to jump from 11% to 17%, dragging every risky asset down the drain with it. Even the "boomer hedge" isn't safe. Gold crashed from $5,600 to below $4,500 in a matter of days. If the safe havens are burning, where do you think crypto is going?🔥🌕
