According to foreign sources, Mike McGlone, a leading commodity strategist in Bloomberg, updated the medium-term judgement of thebitcoin. In his view, the failure of Bitcoin to synchronize at a time when the United States stock market was continuing its high level of innovation showed that the wheel ' s upward kinetic energy was diminishing.
Unstable $69,000
According to the article, McGlone viewed $69,000 as a critical psychological juncture. The Nasdak and PS 500 indices continue to be updated, but Bitcoin has not been able to operate steadily above this position, which he interprets as a sign of a return to speculative heat.
He also described the increase in bitcoin over the past few years as a “Fustrian deal”. In his presentation, the industry, while thus attracting institutional funds, is increasingly dependent on external liquidity and policy incentives.
ETF Slow financial flows
McGlone recalled that the almost-round increase in bitcoin had been accompanied by significant external catalysts: global easing of liquidity pushed prices up in 2021; a new round of purchases by the United States cash ETF at the beginning of 2024; and subsequent regulatory shifts and expected policy warming, which at one time pushed prices above $100,000.
But, according to him, these support is now weakening. The article mentions that the latest price of Bitcoin is about $63,000, while the ETF financial flows have slowed, the heat of regulatory issues has receded, and the market has returned to the macrocycle itself.
United States equity continues.
McGlone also mentioned that a historical chart from Bloomberg shows that bitcoin's movement is quite close to that of the US Science and Technology Unit, especially with a strong correlation with the NASDAQ 100 index relative to the 500 index performance.
In his view, after this relatively strong and weak indicator began to weaken, Bitcoin could also be under downward pressure. According to him, if the financial cycle returns to the long-term average, there is a risk that bitcoin will return to the 2019 to 2020 average region, that is, around $10,000.
At the same time, the article refers to the continued increase in the number of alternative tokens in the market, which he considers to be one of the factors that suppress the performance of bitcoin. However, this judgement has also been pointed out as controversial, as the increase in low-quality coins does not necessarily weaken bitcoin, but rather may strengthen the centralization of agency funds against coins.