Bloomberg Intelligence senior commodities strategist Mike McGlone said in a post on X on April 26 that the Bloomberg Galaxy Crypto Index (BGCI) could fall another ~50% before presenting a clear buying opportunity. In his analysis, McGlone marked that on April 23 the BGCI was hovering above the 2,000 level—an area first reached in early 2021—suggesting potential downside support around roughly 1,000.
McGlone’s BGCI trend analysis
(Source: Bloomberg Information)
According to an analysis he published on X on April 26, 2026, McGlone said: “There will be an excellent time to buy crypto—just maybe after the Bloomberg Galaxy Crypto Index drops another 50%.”
McGlone noted that over the past roughly five years, the BGCI has been basically flat, while the S&P 500 has nearly doubled over the same period; the BGCI’s volatility is about four times that of the S&P 500, yet it has failed to maintain a steady upward trend. He described this pattern as “Same Chart Syndrome,” meaning that the way cryptocurrencies have moved relative to their 200-day moving average resembles the S&P 500’s pattern, but they have not managed to hold the gains.
Oversupply and valuation issues
In the same post on X, McGlone said: “We believe there is oversupply, hype, and overvaluation in the crypto market, and the market may need to improve performance through a price reset.”
McGlone also said in his analysis: “If Bitcoin’s first move above the $100k mark in 2025 has already formed a persistent peak, then the BGCI support at lower levels could be around 1,000.”
McGlone’s earlier public warnings about Bitcoin
According to McGlone’s prior public statements, he said: “I’m inclined to believe that the crypto crash may just be beginning. There was one back in 2009—Bitcoin—and now there are millions of them, most of which lack real value, yet valuations still reach tens of billions of dollars. Bitcoin could return to the $10,000 level, especially if its beta coefficient declines.”
McGlone also pointed out in a Bloomberg Intelligence report that since the launch of spot Bitcoin ETFs, market performance has created potential bearish pressure on Bitcoin, and he singled out increased volatility, stronger stock-related correlation, and the continuing expansion of crypto supply as the main risk factors.
Frequently Asked Questions
Where does McGlone think BGCI’s potential support lies, and when does the buying opportunity appear?
Based on McGlone’s public post on X on April 26, 2026, he believes BGCI could present a clear buying opportunity after falling another ~50% and he marked roughly 1,000 points as potential downside support. Data from April 23 showed the BGCI hovering above 2,000 points; it has fallen about ~50% from the ~4,000-point peak in 2025.
What are the main risk factors in the crypto market that McGlone raised?
According to McGlone’s X post and the Bloomberg Intelligence report, the main risks he highlighted include: BGCI volatility at about four times that of the S&P 500, crypto supply continuing to expand, overall valuations being too high, and a close relationship with stock beta while failing to hold onto gains.
What were BGCI’s specific levels on April 23, and how large was the drop from the 2025 peak?
Based on chart data McGlone shared on April 26, BGCI on April 23 was hovering above 2,000 points—an area first reached in 2021—and it has fallen about ~50% from the peak of around 4,000 points in 2025; McGlone indicated potential downside support around roughly 1,000 points.
