Add as a preferred source on GoogleMcGlone Warns Bitcoin Weakness Could Spread to Stocks and Metals
His comparison centers on Bitcoin’s 50-week moving average and patterns from the 2018 and 2022 bear markets. Stocks and industrial metals have held up better.
A weakening trend in Bitcoin (BTC) may be a warning for stocks and industrial metals, Bloomberg Intelligence senior commodity strategist Mike McGlone said, pointing to parallels with previous Bitcoin bear markets.
On Oct. 18, McGlone described Bitcoin’s trend as turning lower after an extended plateau. His comparison focused on the 50-week moving average and patterns associated with downturns in 2018 and 2022.
Stocks and industrial metals have held up better than Bitcoin, making their relative performance central to McGlone’s concern. He warned that weakness could spread beyond crypto if Bitcoin fails to show strength.
The comparison is conditional; it does not establish that stocks or metals have begun a similar decline. McGlone had previously tied a possible Bitcoin move toward $10,000 to a 20% decline in U.S. stocks.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.