Bitcoin, which fell below $90,000 over the weekend, has recovered slightly, but expectations of a decline continue.
Stating that Bitcoin could fall to $50,000 at this point, Bloomberg Intelligence senior commodity strategist Mike McGlone shared his new analysis.
Mike McGlone stated that $94,000-$84,000 is very critical for Bitcoin and predicted that Bitcoin is more likely to finish 2025 below $84,000.
McGlone emphasized that Bitcoin’s average of its yearly highs from 2021-23 and its lows in 2024 is around $50,100, and a drop to that level is still a possible scenario.
Pointing out that there is currently no data to stop this decline, the analyst predicts that BTC could lead to the next recession.
While Bitcoin has reached millions of dollars today and led the way for riskier assets in 2009, it could also lead to a comeback, according to the analyst.
While McGlone expects Bitcoin to decline overall, he added that if Bitcoin achieves a positive trend above around $94,000 within the year, it would signal a recovery in the overall market.
As you may recall, Mike McGlone argued that Bitcoin could experience a serious bear market in the near future and decline to $10,000.
According to the analyst, such an extreme bearish scenario could be possible if the macroeconomic stress and structural weakness in BTC and cryptocurrencies continue.
McGlone stated that this is the worst-case scenario, adding that a BTC drop to $50,000 due to weakening market sentiment is a more realistic scenario.
*This is not investment advice.
Continue Reading: Bloomberg Analyst Mike McGlone Releases Year-End Bitcoin (BTC) Forecast! He Gives Two Levels!
