Bitcoin Faces Critical Turning Point Against US Treasury Bonds, Bloomberg Says

Bloomberg Intelligence senior commodity strategist Mike McGlone believes that a critical inflection point for Bitcoin (BTC) versus US Treasury bonds could mean a crash for the broader cryptocurrency market. In a recent post on X, McGlone cautioned that Bitcoin’s ongoing underperformance against US government bonds may have major implications for other asset classes. “Bitcoin may be backing down at a key inflection point vs. US Treasury bonds, with broad implications for all assets,” McGlone wrote. According to the Bloomberg strategist, $80,000 is a key price level for Bitcoin. He noted that if BTC’s weakness persists below this price, then the cryptocurrency market may face more trouble. McGlone illustrated his bearish outlook on Bitcoin by comparing BlackRock’s iShares Bitcoin Trust (IBIT) with the iShares 20+ Year Treasury Bond ETF (TLT).

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