💼 Bloomberg commodity strategist Mike McGlone has changed his position on $BTC and the overall crypto market to pessimistic in 2026.
📊 McGlone emphasizes that the fundamental conditions that once made Bitcoin attractive have significantly changed.
⚖️ He claims that Bitcoin has transformed from a rare, destructive asset into part of an overcrowded speculative market that increasingly correlates with stocks.
📈 McGlooun points to excessive speculation, approval of exchange-traded funds (ETFs), and historically low volatility as signs of a market peak.
🛡️ He believes that Bitcoin has lost its status as a hedge against traditional financial systems and is now deeply integrated within them.
📅 The strategist also presents a broader macroeconomic forecast, indicating potential instability in the stock, commodity, and precious metals markets, with the recent rise in gold potentially signaling deeper issues.
🔍 Investors should pay attention when the 'fool's gold' (gold) begins to outperform other assets.
See the full interview on the Cointelegraph YouTube channel for insights on the potential drop of Bitcoin and signals to watch.
