Bloomberg analyst Mike McGlone: Bitcoin will still crash down to $50,000, and silver is expected to drop to $50. If there is a rebound, it's best to short.

Bloomberg Intelligence senior commodity strategist Mike McGlone once again expressed a bearish outlook on the cryptocurrency and precious metals markets today (2nd). He warned that Bitcoin and silver may continue to face significant correction risks in 2026, and extreme downturn scenarios cannot be ruled out.
(Previous headlines: Disaster! Bitcoin falls below $74,600: BTC treasury facing bankruptcy)
(Additional background: Analysts warn: Bitcoin bullish hopes are over, prepare for a dip to $50,000)

Table of Contents

• Stock market volatility rebounds, possibly marking a turning point for risk assets
• Trump policy uncertainty intensifies market unease
• Early warning signs: 2025 may be the peak of the crypto market cycle

Bitcoin briefly fell below $75,000 today (2nd), breaking through MicroStrategy’s cost basis, causing panic in the market.

In this context, Bloomberg Intelligence senior commodity strategist Mike McGlone again issued a bearish outlook on cryptocurrencies and precious metals today. He warned that Bitcoin and silver may continue to face clear correction risks in 2026, and extreme declines are possible. He pointed out that if market volatility rises and policy uncertainties increase, risk assets will continue their current downward trend.

$50 Silver, $50,000 Bitcoin 2026 Tilts and Bit of Beta Backup – There may be a basic factor separating silver and Bitcoin from normal reversion toward $50 an ounce and $50,000: a modest rebound in stock-market volatility. It could be imprudent to consider new risk-asset longs… pic.twitter.com/2KgupADR8R
— Mike McGlone (@mikemcglone11) February 2, 2026

Stock Market Volatility Rebounds, Possibly a Turning Point for Risk Assets

On February 2, 2026, Mike McGlone posted on his X (formerly Twitter) account that the key levels for 2026 could be $50 per ounce for silver and $50,000 for Bitcoin.

However, he believes the market is currently ignoring an important variable — a “mild rebound” in stock market volatility. He notes that this factor could interfere with Bitcoin and silver continuing to decline.

He further added that once volatility returns to normal levels, it will weaken the upward momentum of risk assets and accelerate prices toward their historical averages. McGlone bluntly stated that it’s unwise to rush into long positions on risk assets before volatility normalizes. He even suggested that if silver prices break above $100 per ounce and Bitcoin approaches $100,000, it could instead present a “good shorting opportunity.”

Trump Policy Uncertainty Fuels Market Anxiety

McGlone also specifically pointed out that U.S. President Trump’s unpredictable policy style adds extra uncertainty to the financial markets. He described Trump’s “capricious nature” as potentially amplifying market sentiment swings, further increasing downside risks for stocks and risk assets. With policy directions difficult to predict, investors’ tolerance for high-risk assets may decrease.

Early Warning Signs: 2025 May Be the Crypto Market Cycle Peak

In fact, this is not the first time McGlone has expressed a pessimistic view on Bitcoin’s prospects. As early as December 28, 2025, he warned that Bitcoin and the overall crypto market might have already reached their cycle peak in 2025. He predicted Bitcoin could first retreat to $50,000 and potentially further drop to $10,000, with a potential decline of up to 90%.

McGlone pointed out that the uniqueness of Bitcoin since its inception in 2009 has gradually diminished, as the market now is flooded with millions of digital assets, greatly diluting its scarcity. This contrasts sharply with precious metals like gold and silver, which have only a few competitors.

It’s worth noting that Mike McGlone was once one of Bitcoin’s most prominent bulls. Around 2020, he often described Bitcoin as “digital gold” and expected that, in a long-term growth trend, its price could challenge or even surpass $100,000 by 2025.

However, in recent years, his views have become more conservative, especially during the crypto bear market of 2022-2023, where he successfully warned of downside risks multiple times. His previous statement that Bitcoin could fall to $10,000 was seen as a “worst-case scenario” by the market. Although not mainstream consensus, it still sparked widespread discussion.