McGlone likened Bitcoin’s price movement to the sharp decline in crude oil prices after it surpassed the $100 level in 2008. The analyst suggests that after Bitcoin makes its first monthly close above $100,000 in January 2025, it may enter a period of “high price correction” similar to the one experienced after oil exceeded $100 per barrel in 2008.
At this point, McGlone questioned whether Bitcoin’s decline to around $60,000 in 2026 would indicate the completion of this process.
$60,000 May Not Be the Real Bottom!
At this point, the analyst noted that it is not yet clear whether the $60,000 level is a permanent bottom due to current macroeconomic conditions and increasing liquidity shortages. According to McGlone, Bitcoin is under pressure due to income alternatives from traditional finance.
McGlone points out that the record-high stock market and the rise in US 10-year Treasury yields above 5% in the third quarter have created significant competition for assets like Bitcoin that do not provide income to investors.
“With U.S. Treasury 10-year bond yields rising above 5% in the third quarter, there is increased competition for non-income assets.”
In this context, McGlone points out that the correction Bitcoin experienced after its rise above $100,000 may not yet be complete. The analyst is cautious about whether the level around $60,000 seen in early 2026 is the ultimate bottom of this cycle for Bitcoin, given high Treasury bond yields, stock market risks, and weakening support from traditional markets, and does not rule out the possibility of a correction towards that level.
*This is not investment advice.
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