In a recent interview, Bloomberg Intelligence’s Mike McGlone stated that he has changed his long-standing viewpoint on Bitcoin and the crypto market. He believes that investors should ‘sell the rallies’ in regard to risk assets in the year 2026.

According to McGlone, the elements that once made Bitcoin (BTC) an attractive investment have now shifted fundamentally. Initially viewed as a scarce and disruptive asset, it now forms part of a saturated and highly speculative market, becoming increasingly linked with stock prices and susceptible to broader economic influences.

McGlone remarks that past market peaks, highlighted by excessive speculation, ETF approvals, and low volatility, serve as forewarnings. He asserts that Bitcoin has transitioned from a protective measure against economic systems to being embedded within it, a transformation that carries significant implications.

The discussion extends beyond the realm of cryptocurrencies, offering a critical macroeconomic forecast for equities, commodities, and precious metals. McGlone suggests that the recent surges in gold prices might not indicate robustness, but rather signify deeper underlying issues.

As he puts it, ‘when the stupid rock starts outperforming everything else, investors should pay attention.’
Watch the full interview on Cointelegraph’s official YouTube channel to hear McGlone’s predictions regarding Bitcoin’s potential decline and the new indicators he is monitoring.

Related: Bitcoin rolls over as gold gets huge $23K price target by 2034

This interview has been edited and condensed for clarity.