Bloomberg Intelligence senior commodity strategist Mike McGlone warned that Bitcoin (BTC)'s weaker performance than stocks and industrial metals could signal wider market risk if the cryptocurrency fails to regain strength.
The comparison draws on Bitcoin's own history. In an Aug. 28 study, Galaxy Research found that rallies during earlier bear markets struggled to stay above the asset's 50-week moving average. During the 2021–22 downturn, Bitcoin briefly crossed above that average twice before falling to lower lows.
McGlone's Oct. 18 assessment also focused on a chart of 50-week moving averages. He said Bitcoin's trend appeared to turn lower after a prolonged plateau, drawing a parallel with its bear markets in 2018 and 2022.
In McGlone's view, stocks and industrial metals have fared better than Bitcoin. His warning is conditional on Bitcoin failing to show renewed strength; he has not said the other markets have entered comparable declines. Galaxy's findings describe Bitcoin's past rallies and do not establish that losses in the asset will spread to stocks or metals.
The Federal Reserve is scheduled to announce its next policy decision at 2 p.m. ET on Oct. 28.
