Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, has predicted an outcome that would spell trouble for the bitcoin and cryptocurrency ecosystem.
McGlone believes that $100K is a key level for bitcoin, stating that the Trump Administration and the global financial system lean on this support level for buoyancy. On a recent podcast, McGlone stated that if this level fails, “those dominoes are potentially falling” because of the correlation that bitcoin shows with the stock market currently.
On social media, McGlone explained that under $100K, bitcoin’s lowest support level might be close to $56K. He stated:
My look at the chart shows how normal it’s been for the first-born crypto to revert to its 48-month moving average, now around $56,000, after similarly extended rallies as in 2025.
The strategist also stressed that bitcoin would not go down alone. The whole cryptocurrency market would follow as altcoins correlate highly with bitcoin.
“As a strategist, I look at this as, yeah, the best days are over. I’m more worried about going down than any more continued rally,” McGlone assessed.
McGlone’s dire predictions would be disastrous for most of the companies in the crypto market, including mining companies and digital asset treasuries (DATs), which would have to capitulate to avoid being swept by the disastrous liquidations caused by this price drop. Such a move would also wipe leveraged retail traders out of the market.
The average cost of mining one bitcoin has ballooned to over $116K according to MacroMicro, meaning that with today’s prices, miners could be operating underwater. Further declines would only aggravate the situation of the mining ecosystem.
McGlone believes this event might flush 90% of the cryptocurrency market down, including tokens that track nothing, like Dogecoin. “If we break flow hundred thousand in Bitcoin, the whole space is going to just cascade is what I’m worried about, and it’s getting towards the end of the year. We had a few profits, but they’re gone now,” he concluded.
Nonetheless, stablecoins would survive, as real U.S. dollars back them.
What warning did Mike McGlone give about Bitcoin’s price?
McGlone highlighted that Bitcoin’s $100K level is crucial, and if it fails, significant declines could follow for both Bitcoin and the broader crypto market.What is the potential lowest support level for Bitcoin according to McGlone?
He suggested that if Bitcoin falls below $100K, it could drop to around $56K, based on historical patterns and its 48-month moving average.How would a decline in Bitcoin’s price impact the cryptocurrency market?
McGlone indicated that a drop below $100K would likely result in a cascading effect across the entire cryptocurrency market, affecting altcoins significantly.What challenges do Bitcoin miners face at current prices?
With the average cost of mining a Bitcoin exceeding $116K, miners could face financial difficulties if prices continue to decline, potentially leading to operational losses.
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