Bloomberg Intelligence analyst Mike McGlone outlines a rather bearish, pessimistic scenario for Bitcoin and silver in 2026, predicting their return to two psychological levels of $50,000 for $BTC and $50 per troy ounce of silver, respectively. The main theses of his position can conditionally be divided into four points.
Four reasons Bloomberg’s Mike McGlone sees Bitcoin returning to $50,000
The first is the great reversion, that is, a return to the mean. McGlone believes that both Bitcoin and silver have risen too much and must now fall. He uses the term “reversion,” meaning that after an abnormal rally, assets inevitably return to their historical average values. For the cryptocurrency, he sees such a target at the $50,000 $BTC.
The next factor is the influence of international conflicts, which he links to the current dynamics in the world, noting that silver began losing positions since the beginning of March, while the price of Bitcoin and oil showed only a temporary rebound within a global bearish trend. He calls $BTC a young bear, hinting that the main decline may still be ahead.
The third factor is the stock market as a time bomb. This is the main risk the analyst sees in the U.S. stock market, represented, in his view, by the NASDAQ 100. At the moment, abnormally low volatility is observed there, the lowest since 2018, which could be described as complacency. Once equities begin to fall and volatility returns, in his opinion, this will hit all risk assets. Bitcoin and silver, as leaders in volatility, will suffer first and more than others.
Finally, the fourth factor is an important indicator: the value of one $BTC measured in ounces of silver. The historical level of 1 $BTC equal to 1,000 ounces, which previously acted as support, may now become resistance. The fact that the current ratio is lower, around 880, confirms his theory about Bitcoin’s weakness relative to the metal.
Thus, McGlone expects a cleansing decline. If the stock market falters, Bitcoin will continue its downtrend toward $50,000, while silver will correct toward $50.