Emre Yumlu 
The recent downturn in the cryptocurrency market has sparked new assessments from industry experts. Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, offered a cautious outlook on Bitcoin’s technical structure and the broader market environment, highlighting several levels traders should keep an eye on.
“Bit-Dog” Comment and Signs of a Cycle Peak
During a recent appearance, McGlone described Bitcoin’s current performance as a “Bit-Dog,” suggesting that the asset has fallen short of expectations. According to him, the rally seen in previous months was fueled by strong ETF inflows, the halving cycle, and positive sentiment from the Trump administration. However, he believes these catalysts have already run their course, leaving the market in a typical post-peak correction phase.
McGlone also noted that the weakness is not limited to Bitcoin alone. The broader crypto market has mirrored this decline, with the Bloomberg Galaxy Crypto Index falling by 21% in recent weeks—an indicator he considers consistent with a fading bullish trend.
Key Support and Resistance Levels for Bitcoin
While Bitcoin is currently trading roughly 10% lower on a year-to-date basis, McGlone emphasized that the more important question is the direction of the next major move. He pointed out that the persistently low volatility in equity markets, reflected in the subdued VIX index, could signal an increasing shift toward risk aversion heading into year-end.
From a technical perspective, McGlone highlighted two crucial levels:
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Support: $84,000
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Resistance: $94,000
He noted that Bitcoin was unable to hold the psychological level of $100,000 during the latest pullback, warning that a break below $84,000 could open the door to a more pronounced downturn.
The $50,000 Scenario Remains on the Table
Contrary to broader market expectations of a rebound, McGlone argued that the probability of Bitcoin moving lower outweighs the likelihood of a renewed uptrend. In his view, a drop toward $50,000 becomes increasingly possible if the $84,000 support level fails.
He emphasized that the $50,000 region represents a historically significant zone, dating back to the 2020–2021 cycle, and remains a decisive long-term support area for market participants.
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