Mike McGlone’s 2026 Base-Case: Crypto, Stocks and Bonds at a Major Inflection

On 2 January 2026, Bloomberg Intelligence strategist Mike McGlone outlined a 2026 base-case where risk assets come under renewed pressure and long-dated U.S. Treasurys quietly regain appeal. He sees Bitcoin as more likely to revisit the $50,000 zone than to sustain a break above $100,000, while U.S. equities could even face a rare third straight losing year. In this scenario, mean reversion, volatility and tactical trading replace the broad bull-market momentum that dominated prior cycles.