$60,000 Bitcoin Bottom Suddenly Looks 'Unlikely': Top Bloomberg Strategist

Bloomberg warns Bitcoin's $60,000 floor is a fake bottom as 5% Treasury yields and record stocks dry up crypto liquidity.

Gamza Khanzadaev · 23 Sep 2026 · 5 min read

Wire content from U.Today

$60,000 Bitcoin Bottom Suddenly Looks ‘Unlikely’: Top Bloomberg Strategist

News

By
Gamza Khanzadaev

Wed, 23/09/2026 – 10:40

Bloomberg warns Bitcoin’s $60,000 floor is a fake bottom as 5% Treasury yields and record stocks dry up crypto liquidity.

$60,000 Bitcoin Bottom Suddenly Looks 'Unlikely': Top Bloomberg Strategist

Cover image via depositphotos.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Bitcoin’s current stabilization around $60,000, which most retail investors have rushed to call the long-awaited cyclical “bottom,” is highly likely to prove false.

Bloomberg Intelligence’s leading macro strategist, Mike McGlone, has issued a stark warning: a final bottom forming at these levels is “unlikely,” and the market is on the verge of a broad return to historical averages.

Echoes of the 2008 crisis: why Bitcoin at $60,000 may not hold and where investors should look for the real bottom

The main argument against the durability of the current bottom is the unprecedented liquidity shortage in the crypto market. Bitcoin is squeezed by fierce competition from traditional finance. McGlone notes: “too much competition for non-income-producing assets from the US Treasury 10-year yield’s move above 5% in 3Q.”

When risk-free U.S. Treasury bonds offer a guaranteed yield of 4.95%–5.00%, while the S&P 500 Total Return Index is pushing to new all-time highs, institutional capital simply sees no reason to hold positions in volatile Bitcoin, which generates no passive income.

*Bitcoin chart versus 10-year Treasury yields and S&P 500, warning of macroeconomic headwinds, Source:* *Bloomberg Intelligence*

The historical reference point here is WTI crude oil in 2008. “Guidance for Bitcoin’s direction may come from WTI crude oil’s downward price path since its first month-end close above $100 a barrel in February 2008,” the strategist notes. Bitcoin’s break above $100,000 in January 2025 acted as a “high-price cure,” setting off a prolonged downturn in demand.

The economics of supply and demand are now playing out in full amid a fundamental shift toward a surplus of up to 9 million barrels per day in the U.S. and Canada by 2027.

“Similar rules of supply-and-demand economics may continue to pressure Bitcoin since it first closed above $100,000 in January 2025,” McGlone stresses, pointing to the inevitability of WTI returning to $40.