McGlone Warns Bitcoin Weakness Could Spread to Stocks and Metals
Photo: TokenPost
A weakening trend in Bitcoin (BTC) may be a warning for stocks and industrial metals, Bloomberg Intelligence senior commodity strategist Mike McGlone said, pointing to parallels with previous Bitcoin bear markets. On Oct. 18, McGlone described Bitcoin’s trend as turning lower after an extended plateau. His comparison focused on the 50-week moving average and patterns associated with downturns in 2018 and 2022. Stocks and industrial metals have held up better than Bitcoin, making their relative performance central to McGlone’s concern. He warned that weakness could spread beyond crypto if Bitcoin fails to show strength.
Source: TokenPost
