Bloomberg senior commodities strategist Mike McGlone has delivered a notably bearish assessment of the cryptocurrency market, stating that prices need to fall further before a sustainable recovery can begin. According to McGlone, the Bloomberg Galaxy Crypto Index (BGCI) has already declined to the 2,000 level after peaking near 4,000 in 2025. He suggested the index could ultimately drop to 1,000, implying a potential additional decline of approximately 50% from current levels. McGlone described the current state of the crypto market as a trio of "oversupply, overhype, and overvaluation", arguing that a "low-price treatment" is necessary to achieve a healthy structure. He also noted that while the BGCI has remained relatively flat over the past five years, the S&P 500 has nearly doubled in the same period. Regarding Bitcoin specifically, McGlone implied that the cryptocurrency's rise above $100,000 in 2025 could constitute a "permanent peak", suggesting these levels may not be revisited for a long time.
Meanwhile, crypto analyst Killa has used a diminishing cycle analysis—the same model that correctly predicted Bitcoin's top near $126,100—to forecast a potential bottom of $38,800 for BTC. Killa noted that his base model outputs $38,800 as the predicted bottom, and to account for a 5% variance similar to his top prediction, he has included two multiples of $40,740 and $42,680. He declared that the idea of $60,000 as the Bitcoin bottom is "very optimistic" and advised buying spot BTC around July and August. Killa also warned that the recent rally to almost $80,000 could be a "bull trap" before a further decline.
Analyst Doctor Profit, who also correctly predicted the Bitcoin top, has reiterated that Bitcoin is likely to drop to around $50,000 despite the current recovery. He expects a short-term rally toward the $83,000 to $85,000 area before the next major downside move. Doctor Profit also pointed to the upcoming Federal Open Market Committee (FOMC) meeting on April 29, predicting that the Fed is likely to lower rates, which he views as bearish for Bitcoin.
