A commodity strategist has warned that Bitcoin’s (BTC) recent surge, which started in late 2024, may be losing momentum despite market expectations for a continued rally toward $100,000.
Bloomberg Senior Commodity Strategist Mike McGlone warned that Bitcoin could experience a major correction toward $10,000, comparing its current trajectory to past speculative bubbles, he said in an X post on March 14.
McGlone cited several factors that could weigh Bitcoin’s price, including rising gold prices, shifts in risk sentiment, and broader macroeconomic conditions.
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In particular, gold has climbed 15% in 2025, while Bitcoin dropped by the same percentage. The specialist claimed that this inverse link emphasizes the changing demand for risk assets compared to conventional safe-havens.
Notably, on March 14, gold crossed the $3,000 mark for the first time as investors sought cover from the economic uncertainty generated by President Donald Trump’s trade tariffs. Still, the precious metal did somewhat retreat, a move attributable to profit-taking.
McGlone also noted the S&P 500’s performance as a potential guide on Bitcoin’s path. Historically, Bitcoin has exhibited strong relationships with equities markets, especially during economic uncertainty.
He also compared the surge in cryptocurrencies to earlier speculative bubbles, including the dot-com collapse of the early 2000s. The expert underlined record-breaking Bitcoin ETF listings and growing retail speculation as indicators of too great an optimism.
Furthermore, since President Trump promotes cryptocurrencies, McGlone advised that more political focus on digital assets could intensify volatility.
In another post, McGlone doubled down on his warning, predicting a potential price crash and suggesting that Bitcoin might “lose a zero.” As risk assets come under pressure, he expects investors to shift toward gold, reinforcing its status as a safe haven.
Bitcoin price analysis
At press time, Bitcoin was trading at $83,840, up 1.3% in the past 24 hours but down 3% for the week.
Regarding the next price trajectory, on March 14, pseudonymous analyst Patron noted that Bitcoin has broken out of an ascending triangle, a bullish pattern with a measured move target of $90,405.
His analysis indicated that key support now lies at $82,000, while resistance ahead could slow momentum. Therefore, a sustained close above $85,000 would strengthen the bullish case, but failure to hold support may trigger a retest of $80,000.
Meanwhile, prominent online analyst TradingShot pointed to Bitcoin’s falling wedge pattern, a setup historically leading to significant price rallies.
According to his TradingView analysis, Bitcoin remains below the 50-day Moving Average (50D MA) while finding support at the 50-week Moving Average (50W MA), a structure that has preceded major breakouts.
Bitcoin’s long-term channel up cycle, now over two years old, has formed similar falling wedge patterns six times, each marking a bottom before a breakout.
Past rebounds from these formations have ranged between 26.68% and 106.96%, setting a potential price target of $96,800 to over $150,000.
With Bitcoin testing its long-term channel-up support, similar to previous bottoms in September 2024 and September 2023, the probability of a strong rebound is rising.
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