Bitcoin (BTC) is fighting to hold $90,000 support, and Bloomberg Intelligence strategist Mike McGlone thinks things could get worse—much worse. His warning: if equity markets turn choppy in 2026, Bitcoin could revisit $50,000.
The Gold Connection Nobody's Talking About
McGlone's thesis hinges on something strange happening right now. Gold just posted its fastest rally since 1979, yet stock market volatility has stayed eerily quiet. That's not normal, and history suggests it doesn't last.
When gold surges while volatility gets suppressed, it's usually a warning sign that turbulence is brewing beneath the surface. McGlone's bet is that when volatility finally shows up in equity markets during 2026, Bitcoin will suffer alongside stocks because it behaves like a risk asset, not a safe haven.
The strategist points to $50,000 as Bitcoin's "enduring pivot"—a long-term support level that's held through previous cycles. Avoiding a return to that level requires stock market volatility to stay buried, which McGlone sees as increasingly unlikely given what gold is telling us.
Here's the logic: Bitcoin moves with equities when markets get messy. If stocks sell off because volatility spikes, Bitcoin follows them down. And gold's 2025 performance is flashing a signal that volatility is coming in 2026.
The Technical Picture Isn't Pretty
The charts back up McGlone's concerns. Bitcoin rallied 11.5% from its November low of $80,576 to $94,000 in early January before reversing hard, dropping $4,100 in just three days. That breakdown below wedge support that held since December signals a failed bullish continuation.
Price broke below the 0.382 Fibonacci level at $90,868 and is now testing the 20 EMA at $89,946, which represents the last defense line before a potential cascade toward lower support zones. The Supertrend indicator remains bearish at $95,121, sitting well above current prices as resistance.
All higher timeframe exponential moving averages continue capping upside momentum: the 50 EMA at $91,616, 100 EMA at $96,402, and 200 EMA at $100,012. Multiple failed attempts to reclaim $94,000 have created a lower high structure that confirms weakening momentum.
McGlone's $50,000 target represents a 44% decline from current levels, but it's worth noting this isn't a crash prediction—it's a reversion thesis based on historical patterns and correlations.
What Traders Should Watch
On the downside, immediate support sits at $89,946 (20 EMA), followed by $86,934 (0.236 Fibonacci). Breaking below $86,000 would target the November low at $80,576, with potential extension down to the $76,000-$78,000 range.
For resistance, Bitcoin must reclaim $91,616 (50 EMA) to stabilize the structure. Beyond that, watch $94,007 (0.5 Fibonacci), then $96,402 (100 EMA). Clearing $100,000 (200 EMA) would restore the bullish structure and invalidate the near-term bearish setup.
Whether McGlone's $50,000 call plays out depends entirely on his central thesis: that equity volatility will wake up in 2026, and when it does, Bitcoin won't be spared.