Mike McGlone: Bitcoin stuck below $80K spells more pain versus Treasurys
Bloomberg strategist Mike McGlone warns that if Bitcoin keeps trading under $80,000, it could signal further weakness against US Treasury bonds. Cointelegraph flagged the call, framing the $80K line as the level to watch for the crypto market's next move.
Mike McGlone has a line in the sand for Bitcoin: $80,000. The Bloomberg strategist warned that as long as the largest cryptocurrency stays below that mark, it could point to more weakness when stacked against US Treasury bonds, according to Cointelegraph.
The take reframes Bitcoin's recent slump as more than a crypto-only story. In McGlone's read, failing to reclaim $80,000 leaves the token vulnerable relative to Treasurys — the classic safe-haven benchmark traders reach for when risk appetite drains.
McGlone is a senior commodity strategist at Bloomberg Intelligence, and his macro calls get wide circulation across crypto and traditional markets alike. Cointelegraph spotlighted the warning as an insight, not a forecast set in stone.
What matters now is whether Bitcoin can push back above that $80,000 threshold. Hold below it, per McGlone's argument, and the case for Treasurys over the token only gets stronger.
TopicsMike McGlone · Bitcoin · Bloomberg · Cointelegraph · US Treasury bonds
Source: x.com
Written by Paparazzi with AI. Not financial advice.