$60,000 Bitcoin Bottom Suddenly Looks ‘Unlikely’: Top Bloomberg Strategist

Bloomberg warns Bitcoin's $60,000 floor is a fake bottom as 5% Treasury yields and record stocks dry up crypto liquidity.

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Bitcoin’s current stabilization around $60,000, which most retail investors have rushed to call the long-awaited cyclical “bottom,” is highly likely to prove false.

Bloomberg Intelligence’s leading macro strategist, Mike McGlone, has issued a stark warning: a final bottom forming at these levels is “unlikely,” and the market is on the verge of a broad return to historical averages.

For large investors, this statement changes the rules of the game, turning the current rebound to $86,200 into a final warning of a crash—and, at the same time, a rare opportunity to set aside cash for buying at much more attractive lows.

The main argument against the durability of the current bottom is the unprecedented liquidity shortage in the crypto market. Bitcoin is squeezed by fierce competition from traditional finance. McGlone notes: “too much competition for non-income-producing assets from the US Treasury 10-year yield’s move above 5% in 3Q.”

When risk-free U.S. Treasury bonds offer a guaranteed yield of 4.95%–5.00%, while the S&P 500 Total Return Index is pushing to new all-time highs, institutional capital simply sees no reason to hold positions in volatile Bitcoin, which generates no passive income.

The historical reference point here is WTI crude oil in 2008. “Guidance for Bitcoin’s direction may come from WTI crude oil’s downward price path since its first month-end close above $100 a barrel in February 2008,” the strategist notes. Bitcoin’s break above $100,000 in January 2025 acted as a “high-price cure,” setting off a prolonged downturn in demand.

The economics of supply and demand are now playing out in full amid a fundamental shift toward a surplus of up to 9 million barrels per day in the U.S. and Canada by 2027.

“Similar rules of supply-and-demand economics may continue to pressure Bitcoin since it first closed above $100,000 in January 2025,” McGlone stresses, pointing to the inevitability of WTI returning to $40.

Bloomberg’s crash warning is more than a bearish manifesto; it is a roadmap for those looking for exceptionally attractive entry points. The market’s true phase of deflationary cleansing will begin alongside a correction in overheated U.S. stocks.

“A top prerequisite for typical post-inflation deflation hasn’t yet occurred — about a 20% drawdown in the US stock market that stays down for a while,” McGlone emphasizes.

Once that scenario plays out, Bitcoin’s inevitable return to its mean will open a long-term window of opportunity for buyers. Historical economic cycles and Bloomberg Intelligence’s calculations suggest that the real, fundamentally justified bottom—where large investors should begin building positions—is at $10,000.

With Treasury yields still around 5%, September’s rally looks like a temporary reprieve. It gives investors a chance to exit the overheated asset above $80,000, wait for the true liquidation phase, and enter the market at the lows.