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Bloomberg commodity strategist Mike McGlone explains his bearish turn on Bitcoin outlook and broader market expectations for 2026.

Bitcoin bull market optimism has suffered since the October crash, as chances of a short-term BTC price rally above $100,000 appeared to be fading.

Bitcoin dropped further below $90,000 while gold and silver kept beating records, leading to a long-term price forecast of $23,000.

BTC price faces pressure as markets brace for a sustained rise in long-term yields driven by economic deficits, particularly in Japan.

Bitcoin's profit cycle has turned negative for the first time since 2023, suggesting that BTC is transitioning into a bear market

Similar XRP funding conditions preceded rebounds of about 50% in August and September 2024 and about 100% in April 2025.

Bitcoin derivatives markets show traders holding steady, but the path back to $95,000 relies on institutional inflows returning, especially after this week’s $1.58 billion outflow.

Bitcoin's price rally to $90,000 failed to hold after 16,653 BTC were sent to exchanges, but an improving spot market suggests traders see BTC’s current pricing as discounted.