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Bloomberg senior analyst Mike McGlone said Bitcoin’s 50-week moving average has turned lower, a signal that may foreshadow declines in stocks and metals as well.
Citing a report in a post on X, McGlone said BTC stayed at elevated levels for an extended period after rising above $100,000 in 2025, but its 50-week moving average has recently turned downward, showing a pattern similar to the 2018 and 2022 bear markets. By contrast, he said, the S&P 500, the Bloomberg Metals Index and copper prices have not yet shown a comparable downtrend.
McGlone said BTC has acted as a leading indicator for risk assets since its emergence in 2009. He added that it remains to be seen whether the latest decline signals broader weakness across other assets or is only a temporary move. If BTC fails to rebound, other assets may also decline in sequence, he said. McGlone added that October is particularly important because market turning points have often emerged during the month, and that expectations for Federal Reserve rate hikes suggest the uptrend in risk-asset prices and inflation may be ending.