Veteran commodity strategist Mike McGlone of Bloomberg Intelligence has doubled down on his bearish outlook for Bitcoin, adding Dogecoin (DOGE) to the warning list.
According to McGlone, while both assets are currently holding their trendline support levels, that technical strength may soon give way to a deeper correction.
In a recent post, McGlone shared a comparative chart showing Dogecoin and the “Bitcoin/gold cross” moving in tandem. Though not a standard technical term, the “Bitcoin/gold cross” appears to reference a chart that tracks the relative strength or price movement correlation between Bitcoin and gold—likely a custom metric used by Bloomberg.
“The Bitcoin/gold cross and Dogecoin have same-chart syndrome,” McGlone noted, emphasizing that the similar trajectories could point to broader market weakness.
When asked whether the current setup suggests a new bull run or a bear market bounce, McGlone leaned toward the latter, citing macroeconomic headwinds and ongoing stock market declines.
Crypto’s Correlation With Traditional Markets
McGlone’s cautious tone stems in part from his belief that Bitcoin and other digital assets remain highly correlated with traditional financial markets, especially major U.S. stock indices.
As equity markets flirt with recession-like behavior—an economic downturn McGlone argues was delayed but not avoided—he warns that cryptocurrencies may be next to tumble if those correlations persist.
Despite current support levels holding firm, McGlone anticipates a break lower, marking what he calls a “bear market bounce” scenario rather than a sustainable reversal.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/expert-from-bloomberg-predicts-bitcoins-breakdown/