Bitcoin Hits $100K as McGlone Flags Growing Gold Strength and Crypto Market Saturation

Bitcoin touches $100K as gold outpaces crypto, raising doubts over further gains amid oversupply and investor caution.

Fridah Kangai
June 9, 2025
6:16 pm

Fridah Kangai

Fridah Kangai is a dedicated crypto journalist with a sharp eye for market trends, blockchain innovation, and digital asset movements. She specializes in breaking down complex topics into clear, engaging stories for both seasoned investors and curious newcomers. With a passion for decentralization and a pulse on the ever-evolving crypto space, Fridah delivers timely, accurate, and insightful coverage. Her work bridges the gap between technology and everyday understanding in the world of cryptocurrency.

Bitcoin hits $100K, but Bloomberg’s McGlone warns the level may mark a long-term resistance point.
Over 16 million listed cryptocurrencies could be limiting Bitcoin’s price growth, says Mike McGlone.
Gold outperforms Bitcoin post-$100K, signaling a shift toward safer assets amid rising market caution.

Bitcoin has reached the much-anticipated $100,000 level, but concerns are growing over its ability to sustain further upward movement. Mike McGlone from Bloomberg Intelligence explained that this price may stop Bitcoin from moving upward rather than being a starting point.

In his recent post on X, he said that gold began to outperform both Bitcoin and the U.S. market since Bitcoin rose to $100,000. He suggests this performance shift could signal growing market caution and a preference for safe haven assets amid economic uncertainty.

Peak Bubble Favoring Gold? $100,000 Bitcoin, 16 Million Cryptos –
What of risk assets if gold continues outperforming the US stock market and Bitcoin? The metal is beating the crypto since it reached $100,000, potentially solidifying that threshold. Over 16 million… pic.twitter.com/BJRwsq9FmB
— Mike McGlone (@mikemcglone11) June 7, 2025

The strategist stated that gold’s resistance to high-risk assets could serve as a reminder for those trading in volatile markets. Even though Bitcoin is still a leading digital asset, some investors are looking for safer options.

Crypto Market Faces Strain as Token Count Surpasses 16 Million

In addition, McGlone pointed out that the crypto market is struggling due to oversupply. With so many digital tokens listed on CoinMarketCap, the latest boom might prevent Bitcoin and others from increasing significantly in price.

He pointed out that if the token supply is not controlled, investors might lose interest, and extra pressure could be applied to the crypto market. With more competition and extreme price swings, established cryptocurrencies have been struggling to hold onto their prices for a long time.

In spite of this, other market experts offer different opinions. JPMorgan analysts point out that Bitcoin may outshine gold as the year progresses, mainly due to upcoming institutional investments.

Tom Lee from Fundstrat agrees, believing that the overall economy and investors’ mood could determine whether Bitcoin experiences more gains.

Even with the uncertainty about Bitcoin’s future, its recent price above $100,000 has brought even more attention to it. The path of the next phase will depend on whether investors continue investing in digital assets or move their money to gold.

Also Read: $300M Ethereum Fund Surges as Investors Rush to Blockchain-Backed Assets