‘Bitcoin trade is over,’ Bloomberg strategist says in 2026 macro outlook

Bloomberg commodity strategist Mike McGlone explains his bearish turn on Bitcoin outlook and broader market expectations for 2026.

Bloomberg Intelligence strategist Mike McGlone said he has reversed his long-term outlook on Bitcoin and the broader crypto market, arguing that investors should “sell the rallies” across risk assets in 2026.

In McGlone’s view, the conditions that once made Bitcoin (BTC) compelling have changed fundamentally. What began as a scarce, disruptive asset has become part of a crowded and highly speculative ecosystem, increasingly correlated with equities and vulnerable to the same macro forces that drive traditional markets.

He draws parallels with past market peaks, pointing to excessive speculation, the approval of exchange-traded funds (ETFs) and historically low volatility as warning signs. Bitcoin, he argues, has gone from being a hedge against the system to being firmly inside it, and that changes everything.

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