The future of Bitcoin (BTC) has become a major topic of discussion among major players in the crypto industry. Participants in the discussion included Peter Tchir, Scott Melker, Kyle Reidhead, and Mike McGloon, senior commodities strategist at Bloomberg Intelligence. The participants touched on several key points: Bitcoin’s growing dependence on traditional financial markets, the deteriorating risk-reward ratio, and the fact that speculative interest in cryptocurrencies is gradually waning.
In particular, McGloon noted that the huge profits previously enjoyed by Bitcoin holders are a thing of the past. He warned that the market could face a prolonged slump.
Mike McGloon: The Era of Bitcoin’s Super Profits Is Over
According to McGloon, Bitcoin’s main problem right now is that it is losing its competitive edge. When compared to conventional investment instruments, it no longer looks all that attractive in terms of risk and return.
The analyst pointed out that the asset’s annual volatility has fallen to a historic low and is now only 1.1–1.2 times higher than that of gold. McGlone recalled that Bitcoin’s price fluctuations used to be eight times more volatile than those of gold, and it was precisely this that allowed investors to expect massive returns despite all the risks.
But now the rules of the game have changed. McGloon explained that Bitcoin has become too closely correlated with the stock market, while underperforming the S&P 500 and Nasdaq indices.
He believes that professionals no longer have compelling reasons to buy Bitcoin. If the cryptocurrency’s returns are lower than those of traditional stock indices, while volatility remains high, investors will simply begin to pull out of this sector.
According to McGloin, the period of rapid growth has come to an end, and serious structural changes are needed for the market to rise again.
He highlighted key levels: $60,000 and $98,000.
Although the price of Bitcoin has held steady around $74,845, McGloon still predicts a decline in the asset’s value throughout 2026.
Since the beginning of the year, he has viewed $60,000 as an important support level and $98,000 as a significant resistance level.
By comparison, Bitcoin has fallen by about 14 percent since the start of the year, while the S&P 500 index has risen by 11 percent over the same period.
McGlone is confident that Bitcoin’s fate now depends largely on the U.S. stock market. If the S&P 500 falls by 20 percent and enters a prolonged downtrend, this will also impact cryptocurrencies. However, the analyst suggests that he may revise his pessimism if Bitcoin can rise despite the decline in traditional markets.
Kyle Reidhead: Perhaps the sellers are already out of the game.
However, Kyle Reidhead does not share McGloin’s skepticism. He suggests that the crypto market may be just beginning a new bull cycle.
Reidhead noted that Bitcoin is showing remarkable resilience despite all the negative factors.
He pointed out that the asset managed to avoid a deep crash even after a massive cyberattack on Binance and pressure on the tech sector. In his view, many investors who wanted to sell have most likely already closed out their positions.
Although in the short term, Reidhead expects a slight decline in Bitcoin to a level just above $70,000, he remains optimistic in the long term.
He believes that a new strong rally could begin if geopolitical tensions ease, oil prices fall, and the macroeconomic situation improves overall.
Scott Melker also supported the idea of Bitcoin’s resilience. He suggested that the recovery in the crypto market could turn out to be much stronger than currently expected.