Mike McGlone, a senior strategist at Bloomberg Intelligence, views Bitcoin's recent recovery as a bear-market bounce with weak returns compared to stocks. Despite a rebound from around $66,000 to about $86,000, Bitcoin remains vulnerable due to Federal Reserve tightening, which could push prices lower. McGlone highlights that Bitcoin's returns lag behind the S&P 500, making it less attractive given its volatility and correlation with stocks. He warns that further stock-market volatility and Fed rate hikes could increase selling pressure on Bitcoin and other risk assets into year-end.
Bitcoin's recent price rebound is noted here alongside Pluang's market snapshot as of Oct 23, 2026 02:02 WIB. Of 50 major cryptocurrencies priced on Pluang, only 4 rose while 45 fell today. Filecoin dropped 10.90% to Rp17.283, Uniswap declined 8.38% to Rp125.991, and The Sandbox fell 8.35% to Rp967, with typical hold times ranging from 65 to 124 days.
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