finbold.com
Although Bitcoin (BTC) is attempting to recover from the recent downturn, a strategist is warning that the flagship digital currency could face sustained downward pressure into December.
According to Bloomberg Intelligence senior commodity strategist Mike McGlone, Bitcoin could drop to $50,000, citing a confluence of macro forces, he said in an X post on November 28.
In outlining his outlook, McGlone noted that Bitcoin’s slide relative to gold has accelerated, reinforcing a structural shift toward defensive positioning.
With gold breaking record highs and absorbing haven flows, Bitcoin’s weakening performance against the metal has amplified downside momentum, raising the probability of a retest of its long-term $50,000 pivot, and potentially much worse if current trends persist.
This alignment confirms a sustained loss of upward momentum and reinforces a broader downtrend, as traders typically view prices trading beneath both SMAs as a sign that sellers remain in control.
The 14-day RSI stands at 40.50, hovering in neutral territory but leaning toward weakness. While not yet in oversold conditions, the RSI suggests demand is insufficient to counter the current bearish structure.
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