McGlone made the comments in a wide-ranging interview with David Lin on The David Lin Report, where he laid out a cautious outlook for U.S. equities, bitcoin, commodities, and global monetary policy, framing the current environment as one defined by late-cycle excess rather than opportunity.

“I see a hurricane coming,” McGlone said, pointing to what he views as mounting downside risks across risk assets. “ Bitcoin, the first stop is around $50,000… I think it’s going to $10,000.” This is not the first time McGlone has insisted that BTC dips down to the $10,000 threshold.

McGlone argued to Lin that bitcoin and the broader crypto market have already begun to roll over, calling cryptocurrencies a leading indicator of wider market stress. He said the asset class peaked in 2024 and 2025 following the approval of spot bitcoin exchange-traded funds (ETFs) and President Trump’s election, which he described as the final accelerant of speculative excess.

According to McGlone, correlations between bitcoin and U.S. equities have strengthened materially, undermining the idea that crypto operates independently from traditional markets. “They’re all correlated,” he said, adding that bitcoin increasingly trades like a leveraged equity rather than a defensive asset.

The strategist also expressed concern about U.S. equities, noting that stock market capitalization relative to GDP remains near historic extremes. He said even a pullback to the S&P 500’s 200-day moving average could trigger broader deleveraging across asset classes. “We’re overdue,” McGlone stated, referring to the absence of a meaningful down year since 2008. He added:

“All the signs are there for me.”

While McGlone has been a long-time gold bull, he said precious metals now look overstretched following their strongest annual performance since 1979. “ Gold is way too stretched for me,” he said, adding that extreme price deviations often precede sharp corrections.

Still, McGlone maintained that gold could eventually reach $5,000 per ounce, though he cautioned that investors should be wary of initiating new long positions after such a rapid move. He described gold’s recent behavior as a warning signal rather than a green light.

Also read: Report: NYSE Owner ICE Eyes Investment in Crypto Payments Firm Moonpay

On monetary policy, McGlone said recent Federal Reserve Treasury purchases resemble the early innings of easing, even if officials avoid calling it quantitative easing. He argued that deflationary forces — not inflation — are likely to dominate in 2026 as global growth slows.

McGlone said falling energy prices, weakening global demand, and slowing growth in China reinforce his deflation thesis, noting that crude oil and natural gas have already broken lower. “Crude oil is heading lower, so I’m pointing that out,” he said.

Among major asset classes, McGlone said U.S. Treasurys remain the most attractive risk-off option, describing long-duration bonds as a functional hedge against equity drawdowns. “Treasury bonds… that’s the bias for next year,” he said.

He concluded by warning that market complacency remains high, with volatility measures near multi-year lows. “People are just waiting for a trigger,” McGlone said. “That move is sell.”

• What is Mike McGlone warning about for 2026?
  He sees elevated risks of a broad market correction driven by stretched valuations and deflationary pressures.
• What is McGlone’s bitcoin price outlook?
  He said bitcoin could first fall toward $50,000 and potentially decline to $10,000 in a deeper downturn.
• Is McGlone bullish on gold?
  He remains long-term constructive but cautions that gold is currently overextended after a historic run.
• What asset does McGlone favor right now?
  He views U.S. Treasurys as a defensive position amid rising downside risk.

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