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Bloomberg Intelligence Senior Commodity Strategist Mike McGlone has dropped a hot take on Bitcoin. In a post on X, McGlone argues that Bitcoin might be overheating given the broader financial market indicators.
Gold-oil market imbalance raises red flags for Bitcoin
According to McGlone, Bitcoin appears to have peaked given that investors are seeking safety in the rising gold. He noted that in 2025, gold surged by 65% to over $4,000 as investors looked to hedge against risk, inflation and economic slowdown.
At the same time, oil plunged by 20% to around $60 per as a result of weak market demand and oversupply issues. McGlone considers this a huge "gold-oil disparity" and the largest ever recorded in a single year under such conditions.
The senior commodity strategist observed that historically, when safe haven assets like gold surge, risk assets like Bitcoin often struggle soon after. He implies that Bitcoin’s current market strength might not be sustainable under these conditions.
McGlone believes that prevailing market conditions suggest that assets are mispriced and a correction could be looming. He warned that Bitcoin is now vulnerable to price decline as the asset has overheated.
Another analyst and long-time Bitcoin skeptic, Peter Schiff also believes that Bitcoin might face a crash. As U.Today reported, Schiff urged investors betting on the coin to sell their holdings now before the next crash.
Notably, in October 2025, the Bitcoin price surged rapidly and peaked at $126,198.07. The coin has faced severe dips since then, plunging to a low of $84,000 in the last 30 days. Despite showing potential for upward momentum, the flagship crypto asset has not been able to breach the psychological $100,000 level.
Matt Hougan's bullish forecast
As of press time, the Bitcoin price was changing hands at $95,076.40, which represents a 0.99% decline in the last 24 hours. The coin had fluctuated between a daily range of $95,103.24 and $97,015.35 before settling at the current market price.
Trading volume is also down by 24.88% to $43.8 billion. The market supply of Bitcoin surged after miners’ sell-off. Some market participants are concerned of possible sell pressure if volume remains in the red zone and price rejection at $96,000 continues.
Regardless of this setup, Bitcoin’s dominance stands at 59.17%, suggesting that investors favor the coin over altcoin assets. If Bitcoin is able to stabilize above the $93,000 price, it could regain its bullish momentum to reattempt the elusive $100,000.
Bitwise’s Mat Hougan believes that Bitcoin will mirror gold’s explosive growth soon. He maintains that if the exchange-traded fund demand is sustained, the price will move parabolic.
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