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Following
BTC Bitcoin broke through the US$86,000 mark, Bloomberg Intelligence analyst Mike McGron issued an important warning
As a leading cryptocurrency, Bitcoin recently broke through the US$86,000 mark strongly, hitting the highest level in nearly eight months. The market development triggered an in-depth assessment by Mike McGlone, senior commodities strategist at Bloomberg Intelligence.
Has Bitcoin hit bottom?
McGron questioned on his social media account: Does Bitcoin's decline to around $60,000 in 2026 constitute the final bottom of the current adjustment cycle? He pointed out that the $60,000 level hit by Bitcoin earlier this year may not be the absolute low in this cycle.
McGron likened the price trend of Bitcoin to the sharp decline in crude oil prices in 2008 after breaking through $100. He predicted that after Bitcoin achieved its monthly closing price above US$100,000 for the first time in January 2025, it may experience a "high correction period" similar to the one after oil prices exceeded 100 in 2008. In this context, he further explored whether Bitcoin's fall to around $60,000 in 2026 meant the end of this correction process.
$60,000 may not be the real bottom
McGron emphasized that given the current macroeconomic environment and the trend of tightening liquidity, it is not yet certain whether the US$60,000 is a permanent bottom. He pointed out that income alternatives from the traditional financial sector have put pressure on Bitcoin. McGron said the record performance of U.S. stocks and a rise in U.S. 10-year Treasury yields above 5% in the third quarter have created a fierce competitive environment for assets such as Bitcoin that do not provide cash flow to investors.
"As the U.S. 10-year Treasury yield exceeded 5% in the third quarter, competitive pressure on non-income assets increased significantly."
In this context, McGron points out that the adjustments Bitcoin experienced after breaking through $100,000 may not have been completed. Considering high government bond yields, stock market risks and weakening traditional market support, he is cautious about whether the level of around US$60,000 that appeared in early 2026 is the ultimate bottom of the Bitcoin cycle, and does not rule out the possibility of a further price correction to this level.
The above content is for reference only and does not constitute investment advice.
