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Bloomberg Analyst Mike McGlone Issues Warnings for Both Silver and Bitcoin (BTC)
Source: CryptoNewsNet Original Title: Bloomberg Analyst Mike McGlone Issues Warnings for Both Silver and Bitcoin (BTC)! Here Are the Details Original Link: https://cryptonews.net/news/bitcoin/32217118/ Bloomberg analyst Mike McGlone, in his assessment of the market outlook for 2026, stated that both silver and Bitcoin face a risk of decline based on the 50-week moving average. However, according to McGlone, the reasons for a potential decline in these two assets are quite different.
According to McGlone’s analysis, the price of silver is around $72 per ounce. This level is approximately 73 percent above silver’s 50-week moving average. The analyst noted that such a high premium has only been seen once before, in 1979.
At that time, the price of silver peaked at around $50 in 1980, then fell sharply by 52% to levels around $15.5. McGlone emphasized that silver is projected to surpass its 1979 closing level of $32.2 for the first time by the end of 2025, increasing the risk of overvaluation.
The picture is different on the Bitcoin front. According to McGlone, Bitcoin is currently trading at around $87,000, which is approximately 13 percent below the 50-week moving average.
Historical data shows that such discounted levels often signal that the market is searching for a bottom. The analyst noted that, considering similar past cycles, the possibility of a 50% to 55% drop in Bitcoin should not be ruled out.