Bitcoin Drops Below $64,000: 'Respect the Bear,' Bloomberg's Mike McGlone Says

Bitcoin (CRYPTO: BTC) has dropped below $64,000 and is approaching a decisive stretch as investors weigh a crowded earnings calendar, Federal Reserve policy and inflation data.

BTC Faces $70,000 Test During a Macro Monday discussion, Bloomberg strategist Mike McGlone warned that any weakness in equities could send Bitcoin below $50,000.

Prolonged consolidation, whale accumulation and improving technical structure could still spark a breakout above $70,000.

The week includes heavy weight company earnings, alongside the Federal Reserve’s policy decision and fresh inflation and economic growth data.

The panel including industry expert Dave Weisberger expects the Fed to leave rates unchanged, although policymakers could maintain a hawkish tone because inflation remains above target.

They identified $69,000-to-$70,000 as a critical resistance area.

A sustained move above that zone potentially strengthening the case that Bitcoin’s bottom has already formed.

Bitcoin recently reclaimed its 200-week moving average after briefly falling below it, a pattern previously observed near major market bottoms.

McGlone Warns BTC Could Fall Below $50 K, But Bulls..

McGlone rejected the bottoming thesis, arguing Bitcoin remains firmly in a bear market after falling roughly 50% from its record high. "Respect the bear," he said, adding that Bitcoin could retest the $69,000 region before offering another shorting opportunity.

His outlook depends heavily on the stock market.

McGlone predicts a 10% decline in the S&P 500 could trigger a 20% to 30% drop in Bitcoin, potentially pushing the cryptocurrency toward or below $50,000.

Other panelists challenged McGlone’s view, arguing Bitcoin has already spent months underperforming while equities remained near record highs.

They questioned whether BTC was truly leading the stock market lower or had simply entered an asset-specific bear market driven by regulatory uncertainty, excessive leverage and crypto-native risks.

Bitcoin’s subdued sentiment was cited as a potential contrarian signal.

One panelist added that enthusiasm around the asset is at its lowest level since the period before the collapse of FTX in 2022, while institutional and long-term accumulation continues.

Fed Expected To Hold Rates The experts broadly dismissed expectations for an immediate rate hike.

Economic forecasts point to Q2 GDP growth of around 2%, household spending growth of 2.4% and an inflation measure remaining above the Fed’s 2% target.

Analysts said the central bank could use balance-sheet reduction rather than raising interest rates if it wants to apply additional pressure to economic activity.

A sustained decline in oil could reduce pressure on policymakers and improve the outlook for risk assets, while renewed geopolitical tensions could push inflation expectations higher.

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