Digital asset markets continue to face scrutiny as macro strategists debate supply, demand, and volatility risks. Bloomberg Intelligence senior commodity strategist Mike McGlone shared on social media platform X on Jan. 11 a crypto-focused outlook arguing that bitcoin and broader digital assets are oversupplied after a sharp run-up.

He stated:

“Cryptos are oversupplied and prices went up too much. A low-price cure may not come until $10,000 bitcoin, $50,000 initial 2026 support.”

“A top potential catalyst is some normalization in stock market volatility. Bitcoin is different — it was #1 crypto in 2009 and now there are millions,” McGlone added. The strategist framed the message around core market mechanics, emphasizing that supply, demand, and price ultimately govern long-term outcomes even for digital assets often portrayed as structurally unique.

He characterized the recent rally as a high-price cure already achieved, with elevated valuations encouraging excess issuance, leverage, and speculative participation across the crypto ecosystem. In his view, that imbalance leaves bitcoin vulnerable to further downside before a durable base emerges, particularly if equity market volatility begins to normalize and correlations between risk assets strengthen.

Read more: Bitcoin’s Calm Is a Trap: Strategist Sees Volatility Bull Market Ahead

McGlone further expanded his outlook to 2026, writing:

“The bottom-line for 2026 is the US stock market has to go up about 10%, as widely expected, but is way overdue for some humility. Falling cryptos and crude vs. parabolic gold in 2025 may be a warning.”

The Bloomberg strategist has repeatedly outlined a broader 2026 framework centered on a bull market for volatility, arguing that years of suppressed risk in U.S. equities are likely to unwind and drive a great reversion across asset classes. Within that longer-running thesis, he has pointed to bitcoin’s failure to hold the $94,000 level and its struggle to maintain the 100-week moving average as signals that the speculative peak bubble of 2025 has burst. By comparing the S&P 500-to- gold ratio to its 1929 extreme, McGlone has projected a significant rotation into hard assets that could drain liquidity from crypto markets. Under that scenario, BTC could retrace toward a $50,000 pivot, with a deeper move toward a $10,000 floor possible if a recession triggers a 2008-style normalization.

• Why does Bloomberg Intelligence see bitcoin as oversupplied?
  Mike McGlone argues rising issuance, leverage, and speculation followed BTC’s sharp price run-up.
• What bitcoin price levels are highlighted for 2026?
  The outlook points to $50,000 as initial support with a possible move toward $10,000 in a severe downturn.
• How could stock market volatility impact crypto?
  Normalization in equity volatility could strengthen risk-asset correlations and pressure BTC prices.
• Why is gold important in McGlone’s crypto outlook?
  Parabolic gold performance versus falling cryptos is cited as a warning of a broader asset rotation.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。