Bloomberg Intelligence strategist Mike McGlone said he has reversed his long-term outlook on Bitcoin and the broader crypto market, arguing that investors should “sell the rallies” across risk assets in 2026.

In McGlone’s view, the conditions that once made Bitcoin (BTC) compelling have changed fundamentally. What began as a scarce, disruptive asset has become part of a crowded and highly speculative ecosystem, increasingly correlated with equities and vulnerable to the same macro forces that drive traditional markets.

He draws parallels with past market peaks, pointing to excessive speculation, the approval of exchange-traded funds (ETFs) and historically low volatility as warning signs. Bitcoin, he argues, has gone from being a hedge against the system to being firmly inside it, and that changes everything.

The conversation goes well beyond crypto. McGlone lays out a stark macro outlook for stocks, commodities and precious metals, noting that gold’s explosive rally may be less a sign of strength than a signal of deeper instability. 

In McGlone’s words, when “the stupid rock” starts outperforming everything else, investors should pay attention.

Watch the full interview on Cointelegraph’s official YouTube channel for McGlone’s view on how low Bitcoin could fall, and which signals he is watching instead.

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