Bloomberg analyst Mike McGlone issued a warning about the Bitcoin and altcoin market in a statement.
The cryptocurrency market is reeling from Bitcoin’s (BTC) pullback and the confusion created by macroeconomic data.
In the Wolf Of All Streets podcast, Scott Melker and Bloomberg senior strategist Mike McGlone discussed the market’s “bottom” and their predictions for 2026.
One of the broadcast’s focal points was the recently released US Consumer Price Index (CPI) data, which showed a decline to 2.6%. Bloomberg strategist Mike McGlone suggested these figures may have been manipulated and that inflation was trending downwards due to a contraction in demand. Scott Melker, meanwhile, called the government’s data collection process “absurd,” arguing that the public wasn’t feeling the price drop in their daily lives and that the government was laying the groundwork for possible interest rate cuts in January.
Mike McGlone painted a rather pessimistic picture for the cryptocurrency market. Comparing the current situation to the Great Depression of 1929 and the 1989 Japanese market crash, McGlone issued the following warnings for Bitcoin. He predicts that Bitcoin could fall to levels as low as $50,000. Expecting a 90% correction that could send most altcoins to zero, the strategist stated that the market is in a “pump and dump” phase and that the reliance on the stock market is increasing the risks.
Scott Melker stated that in the short term, Bitcoin is moving in a sawtooth market between $85,000 and $90,000. Melker believes that the $69,000-$74,000 region, which is a peak point in Bitcoin’s past cycles, could be a strong support, and that a drop below this level would be “margin of error”.
