Bitcoin (BTC) could be flashing an ominous warning that extends far beyond the crypto market. Bloomberg Intelligence strategist Mike McGlone has sounded the alarm over a troubling pattern reminiscent of the brutal bear markets of 2018 and 2022, cautioning that continued weakness in the world's largest cryptocurrency could trigger a domino effect across stocks and commodities.Â
His latest warning comes as Bitcoin struggles to regain its footing, raising fresh fears that the worst of the market turbulence may not be over.
A Familiar Bearish Pattern
Bitcoin's latest struggles have caught the attention of Bloomberg Intelligence senior commodity strategist Mike McGlone, who sees reason to be concerned. The veteran market analyst believes BTC is showing weakness similar to what preceded the painful bear markets of 2018 and 2022.
At the center of his warning is Bitcoin's 50-week moving average, a key indicator traders use to assess the asset's longer-term trend. McGlone argues that its weakening trajectory resembles patterns seen during previous market downturns, raising the possibility that BTC could face further losses.
But McGlone's concerns go beyond Bitcoin. He believes the cryptocurrency's underperformance could be an early warning for other financial markets, particularly stocks and industrial metals, which have so far held up better. If Bitcoin keeps sliding, he cautions, the weakness could eventually spread to other risk assets.



 
“Is the first-born crypto issuing a warning or a feint? Bitcoin may have to prove strength, because if it doesn't, dominoes could tumble,†McGlone warned.
The $10,000 BTC Bombshell
Mike McGlone also sees October as a potentially defining month for financial markets. He suggested that growing expectations of Federal Reserve interest rate hikes could mark a turning point for risk assets that have enjoyed years of soaring valuations. In his view, tighter monetary policy could bring an end to the rapid wealth creation fueled by rising asset prices while also helping to cool inflation. For Bitcoin, such a shift could spell further trouble, as higher borrowing costs and tighter financial conditions tend to dampen investors' appetite for speculative assets.
The Bloomberg strategist has repeatedly floated a far more dramatic scenario, suggesting Bitcoin could sink toward $10,000 if the U.S. stock market undergoes a 20% correction. That would mark a brutal decline for the apex cryptocurrency, although his forecast hinges on a broader market sell-off rather than a confirmed breakdown.
BTC was trading hands at $82,729 as of press time, reflecting a 1% gain on the day, according to CoinGecko data.
For Bitcoin bulls, the stakes are clear. A sustained recovery could undermine the bearish comparisons, while continued selling pressure would put McGlone's warning under greater scrutiny. Whether BTC is signaling trouble ahead for the wider market remains to be seen.
