Bitcoin: Mike McGlone Explains Why the Downtrend May Deepen

Bitcoin’s recent decline has drawn the attention of Bloomberg Senior Commodity Strategist Mike McGlone, who linked the weakness in crypto markets to broader equity stagnation.

In a note shared on X, McGlone argued that the recessionary tone in U.S. stocks is exerting fresh downward pressure on Bitcoin.

McGlone highlighted a chart comparing the 60-day volatility of gold, Bitcoin, and the S&P 500, noting that while equities face a recessionary drag, the impact differs across asset classes. Gold has benefited, setting a new record high around $3,800 per ounce earlier this week, while Bitcoin has continued to slide.

Bitcoin $100,000, VIX 20, Gold $4,000. Next Stop Trend-Testers? Positive gamma, negative delta positions in risk assets may be gaining an edge as 4Q approaches. The lowest S&P 500 60-day volatility since 1Q20 suggests greater upward reversion room in the Cboe Volatility Index… pic.twitter.com/INuGY0FTJL

— Mike McGlone (@mikemcglone11) September 25, 2025

The divergence, McGlone suggested, underscores how investors still treat Bitcoin as a risk-on asset, vulnerable to macroeconomic stress, whereas gold retains its safe-haven appeal.

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Bitcoin Sentiment Split as $70K–$100K Predictions Rise, Santiment Says

Critical support at $100K

Looking ahead, McGlone identified $100,000 as the key psychological support for Bitcoin in the fourth quarter. If BTC manages to hold above this level, it could stabilize sentiment; failure to do so, however, risks accelerating the current downtrend.

The analysis highlights the shifting investor calculus as traditional safe-haven assets thrive while Bitcoin struggles to escape its correlation with risk markets.