Bitcoin and Dogecoin Show Similar Big Trend – Bearish: Bloomberg’s Mike McGlone
04/23/2025 18:11
Bloomberg’s expert McGlone reveals new bearish forecast for BTC and DOGE
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Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has stressed his recent bearish forecasts for Bitcoin, adding Dogecoin to it as well this time.
The expert believes that despite the current state of things for Bitcoin and Dogecoin seem to be fine as the trendline is holding the support, it will eventually get breached, pushing the crypto market down.
Bear market bounce coming
McGlone published a chart showing DOGE and “Bitcoin/gold” cross moving together. In this context, by the “Bitcoin/gold cross” the expert likely means some sort of a variation of a traditional “golden cross” pattern based on intercrossing metrics of Bitcoin and gold.
Bloomberg’s strategist stated that choosing between what is to happen next on this chart, a bear market bounce or a new bull run, he reckons it will be the former. “The Bitcoin/gold cross and Dogecoin have same-chart syndrome,” he said. Despite the trendline support still holding well, he said he eventually expects it to break down since currently the stock market is plunging, entering the recession that was prepared to but never arrived in 2023.
— Mike McGlone (@mikemcglone11) April 23, 2025Bear market bounce or new bull? My bias is the former. The Bitcoin/gold cross and Dogecoin have same-chart syndrome. Trendline support is holding, but I expect it to eventually be breached as the US stock market drops for the recession that did not come in 2023.
Full report… pic.twitter.com/dnuz4o1Q0q
Here McGlone stressed his expert take that Bitcoin and other cryptocurrencies are strongly correlated with the stock market and its leading indexes – S&P 500, Nasdaq, and Dow Jones.
Related
Bitcoin reclaims $94,000, Bitcoin ETFs absorb $912.7 million
On April 21, McGlone predicted once again that Bitcoin is likely to collapse to $10,000 from the levels where it is trading currently. Over the last 24 hours, however, Bitcoin has surged by more than 6%, soaring from $88,610 to $94,100 as the new SEC chairman Paul Atkins called the establishment of new regulatory foundations for digital assets that would be fair and adequate.
Besides, spot Bitcoin ETFswitnessed a staggering netflow of $912.7 million in a single day for the first time since January.
Robert Kiyosaki reveals his Bitcoin holdings
The famous investor and author of the book “Rich Dad Poor Dad” Robert Kiyosaki has unveiled his Bitcoin holdings, well, in a way. He stated that he holds “plenty of Bitcoin” and currently he is also buying “more silver eagles today”, meaning coins. Aside from Bitcoin, Kiyosaki also bets on gold and silver, naming the latter to be “the biggest investment bargain today.”
— Robert Kiyosaki (@theRealKiyosaki) April 22, 2025GOOD NEWS for people with
not much money.I am buying more silver eagles today.
The good news is silver is the biggest investment bargain today.
Gold has already hit all time highs.
I have plenty of Bitcoin.
And silver is still 50% below its all time high….today about $35.…
He expects it to skyrocket 2x – to $70 – this year after it surpassed its old all-time high of $35 per ounce.