McGlone says BTC mirrors 2018, 2022 bear markets, warns of wider risk-asset drop

Bloomberg Intelligence macro strategist Mike McGlone, who has recently taken a negative view on Bitcoin, said on X that BTC is showing a pattern similar to its 2018 and 2022 bear markets. McGlone said Bitcoin’s rise to well above $100,000 in 2025 may have been excessive, adding that price action based on the 50-week moving average is showing a decline similar to past bear markets. He argued that, unlike previous BTC bear markets, similar weakness has yet to appear in the S&P 500 index and in metal and copper prices. McGlone said BTC, which emerged in 2009, has served as a leading indicator for risk assets, so the current decline could signal broader losses in other assets. He added that rising expectations for Federal Reserve rate hikes may indicate that the rally in risk-asset prices, asset-value expansion and the inflation phase are nearing an end.