Bitcoin has climbed back above $86,000, but Bloomberg Intelligence senior commodity strategist Mike McGlone is warning that the recovery could face another sharp reversal. McGlone sees Bitcoin caught between the $100,000 area and a potential return toward $60,000, citing high Treasury yields, stock-market risks and weaker support from traditional markets.
Mike McGlone Warns of a Bitcoin “High-Price Cure”
McGlone’s “high-price cure” theory suggests that unusually high prices can eventually weaken demand and trigger a correction. He has compared Bitcoin’s move above $100,000 in January 2025 with crude oil’s rise above $100 a barrel before its major decline in 2008.
Using this comparison, McGlone has questioned whether Bitcoin has already established a durable bottom around $60,000.
He also noted that Bitcoin has struggled to remain significantly above previous resistance levels even as major U.S. stock indexes continue to trade near record highs.
McGlone further point to increased competition within the digital-asset market. While gold primarily competes with other precious metals, Bitcoin now competes with thousands of cryptocurrencies and Layer-1 networks for global investment capital.
5% Treasury Yields Add More Pressure
McGlone sees the U.S. Treasury market as another potential source of pressure. The 10-year Treasury yield has moved toward 5%, providing institutional investors with an income-generating alternative to Bitcoin.
He also warned that Bitcoin’s correlation with equities could increase downside risk during a broader market correction. If the S&P 500 falls sharply, Bitcoin could face additional selling as investors reduce exposure to riskier assets.
Ki Young Ju Sees a 3x – 5x Rally
While McGlone warns about higher volatility, CryptoQuant founder Ki Young Ju sees a more controlled Bitcoin cycle. He expects Bitcoin to rise 3x to 5x, instead of the 10x-plus rallies seen in earlier cycles.
Ju said Bitcoin’s larger market size and growing institutional ownership are helping reduce extreme price swings.
His on-chain data also supports this view. Bitcoin’s MVRV has stayed above 1 throughout the current cycle, while realized capitalization continues to rise.
Meanwhile, Bitcoin recently climbed above $86,000, its highest level in eight months. U.S. spot Bitcoin ETFs also recorded around $1.71 billion in inflows over two days, led by BlackRock and Fidelity, showing strong demand from institutional investors.
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