The post Bitcoin and Dogecoin Show Similar Big Trend — Bearish: Bloomberg’s Mike McGlone appeared on BitcoinEthereumNews.com.

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 seems 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 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. Bear 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 — Mike McGlone (@mikemcglone11) April 23, 2025 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…

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Filed under: News - @ April 23, 2025 2:25 pm