Bitcoin's current stabilization around $60,000, which most retail investors have rushed to call the long-awaited cyclical "bottom," is highly likely to prove false.
Bloomberg Intelligence's leading macro strategist, Mike McGlone, has issued a stark warning: a final bottom forming at these levels is "unlikely," and the market is on the verge of a broad return to historical averages.
You Might Also Like
Tue, 09/22/2026 - 19:56 Bitcoin Having Best September Since 2012ByAlex Dovbnya
HOT Stories Dogecoin (DOGE), Shiba Inu (SHIB), Near Protocol (NEAR) and Zcash (ZEC) Price Analysis For September 23: Volatility Breaks All Limits Bitcoin Having Best September Since 2012
For large investors, this statement changes the rules of the game, turning the current rebound to $86,200 into a final warning of a crash—and, at the same time, a rare opportunity to set aside cash for buying at much more attractive lows.
Echoes of the 2008 crisis: why Bitcoin at $60,000 may not hold and where investors should look for the real bottom
The main argument against the durability of the current bottom is the unprecedented liquidity shortage in the crypto market. Bitcoin is squeezed by fierce competition from traditional finance. McGlone notes: "too much competition for non-income-producing assets from the US Treasury 10-year yield's move above 5% in 3Q."
When risk-free U.S. Treasury bonds offer a guaranteed yield of 4.95%–5.00%, while the S&P 500 Total Return Index is pushing to new all-time highs, institutional capital simply sees no reason to hold positions in volatile Bitcoin, which generates no passive income.
Bitcoin chart versus 10-year Treasury yields and S&P 500, warning of macroeconomic headwinds, Source: Bloomberg Intelligence
The historical reference point here is WTI crude oil in 2008. "Guidance for Bitcoin's direction may come from WTI crude oil's downward price path since its first month-end close above $100 a barrel in February 2008," the strategist notes. Bitcoin's break above $100,000 in January 2025 acted as a "high-price cure," setting off a prolonged downturn in demand.
The economics of supply and demand are now playing out in full amid a fundamental shift toward a surplus of up to 9 million barrels per day in the U.S. and Canada by 2027.
"Similar rules of supply-and-demand economics may continue to pressure Bitcoin since it first closed above $100,000 in January 2025," McGlone stresses, pointing to the inevitability of WTI returning to $40.
You Might Also Like
Wed, 09/23/2026 - 00:01 Dogecoin (DOGE), Shiba Inu (SHIB), Near Protocol (NEAR) and Zcash (ZEC) Price Analysis For September 23: Volatility Breaks All LimitsByArman Shirinyan
Bloomberg's crash warning is more than a bearish manifesto; it is a roadmap for those looking for exceptionally attractive entry points. The market's true phase of deflationary cleansing will begin alongside a correction in overheated U.S. stocks.
"A top prerequisite for typical post-inflation deflation hasn't yet occurred — about a 20% drawdown in the US stock market that stays down for a while," McGlone emphasizes.
Once that scenario plays out, Bitcoin's inevitable return to its mean will open a long-term window of opportunity for buyers. Historical economic cycles and Bloomberg Intelligence's calculations suggest that the real, fundamentally justified bottom—where large investors should begin building positions—is at $10,000.
With Treasury yields still around 5%, September's rally looks like a temporary reprieve. It gives investors a chance to exit the overheated asset above $80,000, wait for the true liquidation phase, and enter the market at the lows.
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。
