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Bitcoin faces potential drop to $50,000 amid market risks, warns Bloomberg analyst McGlone.

Market News
03 Jun 2026
Benzinga
View Source
Bearish
pluang ai news

Bloomberg analyst Mike McGlone warns that Bitcoin remains in a 'purge mode' with a likely support level around $50,000 before possibly falling further to $10,000 in the long term. He highlights several macroeconomic risks, including a high U.S. stock market cap-to-GDP ratio and increased gold volatility, signaling systemic market stress. McGlone views Bitcoin as a key indicator of broader financial health and notes that its weakness despite rising equities is a warning sign. He also cautions that meme cryptocurrencies like Dogecoin and Shiba Inu may need to collapse before the crypto market can fully reset.

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