Bloomberg Strategist Warns Bitcoin May Have Peaked as Gold Surges
Bloomberg Intelligence senior commodity strategist Mike McGlone said on X that Bitcoin may have peaked amid a pronounced “gold‑oil disparity” in 2025. Gold rallied roughly 65% to above $4,000 as investors sought safe havens against inflation and economic slowdown, while crude oil fell about 20% to near $60 on weak demand and oversupply. McGlone noted that historically sharp gold strength often coincides with weakness in risk assets, implying Bitcoin’s recent rally toward $97,000 could be unsustainable and vulnerable to a correction. The article also notes Bitcoin’s October 2025 high near $126,198, a drop to about $84,000 in the past 30 days, and a recent price around $95,076 with lower trading volume (down ~25%) and rising market supply after miners’ selling. Other voices cited include longtime skeptic Peter Schiff urging selling, and Bitwise’s Mat Hougan who remains bullish if ETF demand continues. Key trade considerations: potential increased sell pressure, price rejection near $96,000, support near $93,000, and Bitcoin dominance at ~59%.
Bearish
McGlone’s warning ties Bitcoin’s vulnerability to macro flows into traditional safe havens—chiefly gold—while commodities like oil weaken. Historically, sharp moves into gold signal risk-off sentiment; risk assets including BTC often follow with corrections. Current on‑chain and market signals cited in the article reinforce short-term downside risk: recent large drawdown from the October 2025 peak, a miner-driven increase in supply, price rejection near $96,000, and a ~25% drop in trading volume (suggesting weaker conviction). Combined, these point to heightened probability of near-term selling pressure and volatility. In contrast, longer-term bullish drivers (institutional ETF demand highlighted by Mat Hougan) remain a tailwind but depend on sustained inflows. Therefore the immediate market implication is bearish — traders should watch volume, miner outflows, support at ~$93k, and whether ETF demand re-accelerates; short-term strategies could include tightened risk controls, reduced directional exposure, or hedges (e.g., protective puts or short-term inverse products) until price and volume confirm renewed strength.