Bloomberg's Mike McGlone Highlights Bitcoin's $28,000 Mode and Warns of Potential Correction

Bloomberg Intelligence senior commodities strategist Mike McGlone has shared a chart-based view suggesting Bitcoin's most frequently traded level since 2023 sits near $28,000, despite a cycle average around $66,000. He argues that Bitcoin's tight correlation with the Nasdaq-100 and a cooling in equity valuations point to a "reverse wealth effect," implying greater downside risk if stock markets fail to keep advancing.