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Bloomberg senior analyst Mike McGlone said in a recent report that it is unlikely Bitcoin formed its final bottom for this cycle around $60,000 earlier this year.
McGlone said BTC appears to have entered a pullback phase after first rising above $100,000 on a monthly closing basis in January 2025. He added that record-high U.S. stocks and the 10-year U.S. Treasury yield climbing above 5% in the third quarter could weigh on assets such as BTC that do not generate income.