Name: Bitcoin Touches $67,000. How Much Lower Can it Go?
Uploaded: 2026-02-05T18:48:37+00:00
Duration: 194 s

Speakers

Mike McGlone — Senior Commodity Strategist, Bloomberg Intelligence

Summary

Mike McGlone discusses the cryptocurrency selloff, forced deleveraging, and the broader macro reversion. He remains bearish Bitcoin and sees excess in crypto and meme coins needing to be purged. He favors Treasuries as yields fall, warns gold and silver are too expensive, and expects S&P 500 volatility to rise along with a possible equity correction and weaker energy prices.

Bitcoin selloff continues with forced deleveraging and support near $64,000.
McGlone says crypto excess, including meme coins, needs to be purged.
He sees long Treasuries as attractive with the long bond yield near 5%.
Gold and silver are described as expensive after a historic rally.
Silver could revert to $50 as higher prices trigger supply.
S&P 500 volatility is near an eight-year low and expected to rise.
He also outlines a possible 10% equity correction and weaker energy prices.

Ideas

Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 0:04

Crypto excess needs purging; downside persists.

Crypto got trumped after the 2024 election; the asset class has exploded from one Bitcoin in 2009 to 28 million tokens, and excess speculative tokens need to be purged as macro conditions force a reversion.

Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 0:32

Bitcoin may bounce, then continue lower.

Bitcoin may find good support around $64,000 and could bounce, but forced deleveraging and the broader crypto purge mean it should eventually continue lower.

Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 0:46

Long Treasuries attractive as yields fall.

Treasuries are attractive after the long bond yield nearly hit 5%; he expects a deflationary correction that lets the Fed ease and drives yields lower, so investors will wish they had been in Treasuries.

Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 1:20

Meme coins are worthless and need purging.

Meme coins like Shiba Inu and Dogecoin are still worth billions despite tracking nothing fundamental, making them part of the crypto excess that needs to be purged.

Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 1:37

Stock market reverting; correction likely.

The stock market is reverting from an elevated 2 to 2.3 times GDP, and a roughly 10% correction could help deliver deflation and Fed easing.

Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 2:00

Energy prices will drop in deflation.

In the expected deflationary, Fed-easing scenario, energy prices will drop along with yields.

Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 2:03

Gold too expensive after velocity rally.

Gold and silver have rallied at an unprecedented velocity with stock-market volatility extremely low, leaving gold expensive and vulnerable to mean reversion.

Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 2:17

S&P 500 volatility must rise.

180-day S&P 500 volatility is near an eight-year low and must go higher, as the low-volatility regime is unlikely to persist.

Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 2:48

Silver expensive; can fall to 50.

Silver is the most expensive ever versus copper and crude oil, can easily revert to $50, and the exponential price spike should trigger massive supply, so it is not a buy here.

Bitcoin Touches $67,000. How Much Lower Can it Go?

Summary

Ideas

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