Bloomberg analyst warns BTC, Nasdaq, commodities may extend year-end declines

Bloomberg Intelligence macro strategist Mike McGlone said declines could spread across financial markets through year-end as Bitcoin, U.S. equities, and major commodities have each posted peaks in sequence. McGlone said BTC peaked on Oct. 6 last year, the Nasdaq 100 peaked on Oct. 6 this year, and gold, silver, and crude oil also formed highs in the first quarter of this year. McGlone added that a shift in the Federal Reserve’s tightening stance and changes in the political balance of power could increase downward pressure on markets. McGlone also said policy shifts away from measures that had supported energy prices and inflation could accelerate the post-inflation deflation cycle.