Emre Yumlu 
As cryptocurrency markets continue to mature alongside traditional finance, long-term forecasts are drawing increasing attention from investors. One of the most closely followed voices in this space, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone, has shared a notably cautious outlook for Bitcoin and global markets heading into 2026.
McGlone’s projections extend beyond digital assets, offering a broader perspective on how macroeconomic pressures could reshape multiple asset classes over the coming years.
Warning Signs for Bitcoin’s Long-Term Trajectory
According to McGlone, Bitcoin could face substantial downside risk in 2026. Under his base-case scenario, the world’s largest cryptocurrency may retreat to the $50,000 level. In a more adverse global environment, however, he suggests that losses could deepen significantly, with prices potentially revisiting the $10,000 range—implying a drawdown of up to 90% from higher levels.
This bearish outlook is not driven solely by macroeconomic headwinds. McGlone emphasizes that Bitcoin’s internal competitive landscape has changed dramatically. While Bitcoin was the first cryptocurrency when it launched in 2009, it now competes with millions of digital assets, which may dilute its long-term value proposition.
Bitcoin Versus Gold: A Structural Comparison
A key element of McGlone’s analysis involves comparing Bitcoin to gold as a store of value. He points out that gold faces only a limited number of direct competitors—primarily silver, platinum, and palladium. This relatively narrow competitive field has helped gold maintain its status as a stable reserve asset over time.
Bitcoin, by contrast, operates in a rapidly expanding digital ecosystem, where constant innovation and token proliferation may apply sustained pressure on its dominance in the years ahead.
A Brighter Outlook for Gold
While his Bitcoin outlook remains cautious, McGlone is notably more optimistic about gold. He projects that gold prices could rise by approximately 10% by 2026, potentially exceeding $5,000 per ounce.
He also suggests that gold’s relative strength may serve as an early indicator of stress in risk assets. Historically, periods of strong gold performance have coincided with corrections in equity markets.
A Challenging Year Across Asset Classes
Looking beyond Bitcoin and gold, McGlone believes 2026 could be a difficult year for most asset classes. He warns of potential corrections in U.S. equities and expects continued pressure on commodities such as oil, copper, silver, and other risk-sensitive assets.
Taken together, these projections highlight the importance of disciplined risk management as markets approach a potentially volatile phase.
This content does not constitute investment advice.
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