Bitcoin Is In ‘Purge Mode’, Bloomberg’s McGlone Warns: Next Stop—$50,000
Posted On June 3, 2026
Veteran commodity strategist and Bloomberg analyst Mike McGlone says Bitcoin (CRYPTO: BTC) and broader crypto markets may still be far from a true bottom, warning that excessive speculation and stretched risk markets could trigger a deeper reset.
Bitcoin in “Purge Mode“
Speaking in a CoinTelegraph interview on June 2, McGlone argued Bitcoin remains stuck in a broader “purge mode,” with the next major support zone likely around $50,000 before potentially falling toward $10,000 longer term.
He said Bitcoin is unlikely to hold above its 200-day moving average and warned that meme assets like Dogecoin
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