The crypto market has been reeling from the fall in Bitcoin (BTC) and the turmoil caused by macroeconomic data.
On their podcast, The Wolf of All Street, Scott Melker and Bloomberg senior strategist Mike McGlone discuss the market's bottom and their predictions for 2026.
One of the focuses of the broadcast was recently released US Consumer Price Index (CPI) data, which showed a decline of 2.6%. Bloomberg strategist Mike McGlone suggested those numbers may have been manipulated and that inflation is trending downward due to reduced demand. Scott Melker, meanwhile, called the government's data collection process “ridiculous” and argued that people are not feeling the drop in prices in their daily lives and that the government is preparing the ground for a potential interest rate cut in January.
Mike McGlone painted a rather pessimistic picture of the cryptocurrency market. Comparing the current situation to the Great Depression of 1929 and the Japanese market crash of 1989, McGlone issued the following warning against Bitcoin: He predicts that Bitcoin could fall to levels around $50,000. The strategist predicted a 90% correction that could see most altcoins go to zero, saying the market is in a “pump-and-dumping” phase and that reliance on the stock market is increasing risk.
Scott Melker said that in the short term, Bitcoin is in a sawtooth market between $85,000 and $90,000. Melker believes Bitcoin's past cycle peak points in the $69,000 to $74,000 area could provide strong support, and that any decline below this level would be within the “margin of error.”
*This is not investment advice.
