Bitcoin Drop Test Retail Investor Strength
Speakers
Mike McGlone
— Senior Commodity Strategist, Bloomberg Intelligence
Summary
Mike McGlone and Heather Long discuss the recent Bitcoin drop, AI stock selloff, and strong jobs data. McGlone predicts further declines in Bitcoin and crude oil, and favors US Treasuries at 5% yield. Long highlights resilient labor market but concerns over middle-class spending and healthcare pullback.
- Bitcoin fell below $60,000, triggering purge concerns.
- AI stocks suffered sharp selloff.
- May jobs report beat expectations, revising Fed hike bets.
- Mike McGlone sees Bitcoin far from bottom, targets $10,000.
- McGlone warns crude oil will follow natural gas lower.
- McGlone finds US long bond at 5% yield attractive relative to stocks.
- Heather Long notes hiring recession is over, but wage growth is slow.
- Consumer spending resilient overall, but lower-income pullback evident.
Trade Ideas
Bitcoin purge, far from bottom.
Bitcoin has unlimited supply and a purge is just getting started. The recent pump from ETFs and political support is now turning into a dump. Bitcoin is a leading indicator for risk assets, and the stock market will follow it lower. The call is for Bitcoin to drop back to 10,000 as speculation is purged.
Crude oil to follow natural gas down.
Crude oil is likely to follow natural gas on the way down as part of a broader purge in commodities. The next big trade is crude oil lower, mirroring the decline seen in natural gas and Bitcoin.
Long bond attractive at 5%.
The US Treasury long bond yielding 5% is too attractive compared to the expensive stock market, gold, and cryptocurrencies. Responsible investors should consider buying long-dated Treasuries as a safer alternative to risk assets.
Up Next
This Bloomberg Markets video, published June 06, 2026, features Mike McGlone discussing BTC, WTI, US Treasury Long Bond. 3 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Mike McGlone · Tickers: BTC, WTI, US Treasury Long Bond