Bitcoin and Dogecoin Face Bearish Outlook as Market Trends Shift

Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has reiterated his bearish outlook for Bitcoin and Dogecoin, warning of an impending market downturn. Despite current trendline support, McGlone expects a breach, driven by the stock market's decline and potential recession. He notes that Bitcoin and Dogecoin are moving in tandem with a "Bitcoin/gold cross" pattern, suggesting a bear market bounce rather than a new bull run.

Bitcoin recently surged over 6% to $94,100, fueled by positive regulatory comments from SEC Chairman Paul Atkins. Spot Bitcoin ETFs saw a record $912.7 million inflow, the highest since January. McGlone, however, maintains his prediction that Bitcoin could plummet to $10,000, emphasizing its correlation with major stock indexes like the S&P 500 and Nasdaq.

In other news, Robert Kiyosaki, author of "Rich Dad Poor Dad," revealed he holds "plenty of Bitcoin" and is actively buying silver eagles. He expressed optimism for silver, forecasting it could double to $70 an ounce this year, calling it the "biggest investment bargain today." Kiyosaki's bullish stance on precious metals and Bitcoin underscores his diversification strategy amid economic uncertainty.