Bitcoin facing ‘Christmas Grinch’ crash to $50,000, warns strategist

Although Bitcoin (BTC) is attempting to recover from the recent downturn, a strategist is warning that the flagship digital currency could face sustained downward pressure into December. According to Bloomberg Intelligence senior commodity strategist Mike McGlone, Bitcoin could drop to $50,000, citing a confluence of macro forces, he said in an X post on November 28. In outlining his outlook, McGlone noted that Bitcoin’s slide relative to gold has accelerated, reinforcing a structural shift toward defensive positioning. With gold breaking record highs and absorbing haven flows, Bitcoin’s weakening performance against the metal has amplified downside momentum, raising the probability of a retest of its long-term $50,000 pivot, and potentially much worse if current trends persist source: https://finbold.com/bitcoin-facing-christmas-grinch-crash-to-50000-warns-strategist/