Mike McGlone Doubles Down on His Bearish Bitcoin and Dogecoin Forecasts

Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has highlighted his recent bearish outlooks for Bitcoin, and this time he included Dogecoin.

The expert believes that despite the current trendline support, which is still holding, it will eventually get breached, pushing the crypto market down further.

Bear market bounce coming

McGlone published a chart showing both DOGE and “Bitcoin/gold cross” moving in tandem. In this instance, by “Bitcoin/gold cross” the expert likely means some sort of variation of a traditional “golden cross” pattern based on intercrossing metrics of Bitcoin and gold.

Choosing between what is to happen next on this chart, a bear market bounce or a new bull run, he reckons it will be the former. “The Bitcoin/gold cross and Dogecoin have same-chart syndrome. Trendline support is still holding, but I expect it to eventually be breached as the US stock market drops for the recession that did not come in 2023,” he said.

Bear market bounce or new bull? My bias is the former. The Bitcoin/gold cross and Dogecoin have same-chart syndrome. Trendline support is still holding, but I expect it to eventually be breached as the US stock market drops for the recession that did not come in 2023. Full report… pic.twitter.com/dnuz4o1Q0q

Here McGlone stressed his expert take that Bitcoin and other cryptocurrencies are strongly correlated with the stock market and its leading indexes — S&P 500, Nasdaq and Dow Jones.

On April 21, McGlone predicted once again that Bitcoin is likely to collapse to $10,000 from the levels where it is trading currently.

Over the last 24 hours, however, Bitcoin has surged by more than 6%, soaring from $88,610 to $94,100 as the new SEC chairman Paul Atkins called for the establishment of new regulatory foundations for digital assets that would be fair and adequate.

Besides, spot Bitcoin ETFs witnessed a staggering netflow of $912.7 million in a single day for the first time since January.

The famous investor and author of the book “Rich Dad Poor Dad” Robert Kiyosaki has unveiled his Bitcoin holdings, well, in a way.

He stated that he holds “plenty of Bitcoin” and currently he is also buying “more silver eagles today,” meaning coins.

Aside from Bitcoin, Kiyosaki also bets on gold and silver, naming the latter to be “the biggest investment bargain today.”

GOOD NEWS for people withnot much money.I am buying more silver eagles today.The good news is silver is the biggest investment bargain today.Gold has already hit all time highs.I have plenty of

He expects it to skyrocket 2x — to $70 — this year after it surpassed its old all-time high of $35 per ounce.