Expert From Bloomberg Predicts Bitcoin’s Breakdown

According to McGlone, while both assets are currently holding their trendline support levels, that technical strength may soon give way to a deeper correction.

Bear Market Bounce or Bull Run?

In a recent post, McGlone shared a comparative chart showing Dogecoin and the “Bitcoin/gold cross” moving in tandem. Though not a standard technical term, the “Bitcoin/gold cross” appears to reference a chart that tracks the relative strength or price movement correlation between Bitcoin and gold—likely a custom metric used by Bloomberg.

“The Bitcoin/gold cross and Dogecoin have same-chart syndrome,” McGlone noted, emphasizing that the similar trajectories could point to broader market weakness.
When asked whether the current setup suggests a new bull run or a bear market bounce, McGlone leaned toward the latter, citing macroeconomic headwinds and ongoing stock market declines.

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Crypto’s Correlation With Traditional Markets

McGlone’s cautious tone stems in part from his belief that Bitcoin and other digital assets remain highly correlated with traditional financial markets, especially major U.S. stock indices.

As equity markets flirt with recession-like behavior—an economic downturn McGlone argues was delayed but not avoided—he warns that cryptocurrencies may be next to tumble if those correlations persist.

Despite current support levels holding firm, McGlone anticipates a break lower, marking what he calls a “bear market bounce” scenario rather than a sustainable reversal.

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