Gate News message, April 23 — Bloomberg analyst Mike McGlone has released an assessment of Bitcoin’s performance relative to traditional markets, highlighting $75,000 as a critical threshold for BTC in 2026.
According to McGlone’s analysis, Bitcoin and the S&P 500 have shown similar performance trends since 2021, though Bitcoin’s annual volatility is approximately three times higher. The analyst interprets this as a signal that the “golden age” of crypto assets may be over. However, McGlone noted that the Bitcoin-to-S&P 500 ratio (BTC/SPX) currently stands at around 11x and could surpass the 14x level reached following the launch of U.S. spot Bitcoin ETFs in the first quarter of 2024, suggesting Bitcoin’s strongest performance periods may still lie ahead.
McGlone also highlighted that despite a significant increase in U.S. money supply over the past five years—with the M2-to-GDP ratio reaching 2.4x, one of the highest levels since 1928—Bitcoin has not benefited sufficiently from this monetary expansion. This indicates Bitcoin is now subject to more fundamental economic constraints and faces intensifying market competition.
The analyst emphasized that maintaining a position above $75,000 would be decisive for market sentiment, particularly in a scenario where U.S. stock markets fail to reach new record highs.
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