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.

Why McGlone Is Worried

McGlone pointed to several macro indicators that he believes signal elevated systemic risk:

U.S. stock market capitalization-to-GDP ratio reaching the highest level since 1928

Gold volatility surging above S&P 500 volatility

Bitcoin-to-gold ratio weakening sharply

Crypto persistently underperforming equities

He described Bitcoin as one of his “favorite leading indicators” for broader market stress since its…

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