Mike McGlone’s Insights on Dogecoin

Mike McGlone, chief commodity expert at Bloomberg Intelligence, has shared his thoughts on DOGE’s price outlook in a recent tweet. He warns of a declining trend for the original meme coin.

‘Dogecoin may show the risks of reversion’

In his tweet, McGlone draws parallels between cryptocurrencies and major historical market bubbles. He cites similarities with Bitcoin and the Nasdaq 100 index crash in 2000, and historic bubbles from 1929 and 1999 that led to significant market downturns. He suggests that Dogecoin may be caught in a speculative bubble and could face a decline, similar to other risk assets during these periods.

McGlone emphasized that the trading ratio of gold to Bitcoin is currently reflecting Dogecoin’s price movements, indicating a potential downturn in speculative digital assets.

Bitcoin may crash to $10,000

Earlier, McGlone predicted Bitcoin could drop to as low as $10,000, citing historical bubbles and the current market conditions that resemble those of the dot-com bubble that led to the Nasdaq crash. Additionally, Ark Invest’s CEO Cathie Wood recently reduced the number of Meta shares in her company’s portfolio, signaling caution in the market.