Bloomberg Analyst Mike McGlone Predicts Bitcoin’s Future – “The Great Depression of 1929…”

Bloomberg’s senior commodities strategist, Mike McGlone, offered striking analysis of global markets and the cryptocurrency world in a recent broadcast.

McGlone, who described cryptocurrencies as the “best leading indicator” for the overall market, warned investors by comparing the current situation to the period before the Great Depression of 1929.

McGlone argued that Bitcoin and the cryptocurrency market in general are in an “endgame” phase. Drawing parallels with the 1929 stock market bubble, the strategist stated that cryptocurrencies have the greatest “backtest” success in history, but this has created excessive optimism. According to McGlone, the current risks in the market point to a breakdown led by Bitcoin.

McGlone pointed out that while there was only one cryptocurrency (Bitcoin) in 2009, today that number has reached 28 million, stating that this massive supply is poisoning the market. He said that most of these tokens are nothing more than “joke” projects with no real basis, and argued that a large portion of these assets should be eliminated for the market to achieve a healthy structure.

McGlone, painting a pessimistic picture of Bitcoin’s price trajectory, predicted that the first significant support level is around $50,000, but that a deepening correction could push the price back down to $10,000. Viewing Bitcoin as a “fire hydrant” for market liquidity, the expert stated that a potential 10% pullback in major indices like the S&P 500 could lead to sharp 30-40% drops in Bitcoin.

Criticizing MicroStrategy CEO Michael Saylor’s approach of “buying Bitcoin with money we can’t afford to lose,” McGlone said such a strategy was “inciting market sentiment.” Stating that this stance is dangerous from a risk management perspective, the strategist added, “You buy treasury bonds with money you can’t afford to lose, not Bitcoin.”

McGlone’s only area of confidence in the future of the crypto world was stablecoins and “crypto-dollars.” He stated that this technology increases the reach and efficiency of the US dollar, predicting that this market, worth approximately $300 billion, will continue to grow, but that most speculative altcoins will disappear from the scene.

*This is not investment advice.