Bloomberg analyst warns Bitcoin could face broader risks if price stays below $80,000

Bitcoin faces a crucial test against US government bonds, according to Mike McGlone, senior commodity strategist at Bloomberg Intelligence. McGlone recently highlighted that Bitcoin’s performance, when compared with US Treasury bonds through major exchange-traded funds, could signal wider impacts for other asset classes if weakness persists. McGlone examined the ratio between BlackRock’s iShares Bitcoin Trust (IBIT) and iShares 20+ Year Treasury Bond ETF (TLT), using a normalized starting value of 100 at the end of 2024. On October 30, this ratio read 81, indicating it fell 19% below its baseline.