Bloomberg Strategist Compares 2025 Bitcoin Cycle to 1929 Dow and Flags Possible Drop Toward $10,000 by 2026

Bloomberg Intelligence senior macro strategist Mike McGlone has likened the Bloomberg Galaxy Crypto Index in 2025 to the Dow Jones in 1929, suggesting Bitcoin could be entering a purge phase rather than a brief pause. He highlights that Bitcoin is only about 5% lower in 2025 through Dec. 14 and warns that this resilience, alongside a Bitcoin-to-gold ratio that has fallen about 40% this year, might conceal the risk of a deeper correction toward previous cycle levels.