Bloomberg Strategist Flags Crypto Weakness; Base Case S&P 5,600, BTC $56,000

On 17 February 2026 at 07:55, Bloomberg Intelligence strategist Mike McGlone warned that the crypto drawdown could foreshadow a recession. He outlined a base case of the S&P 500 moving toward 5,600 and Bitcoin near $56,000, with an outside risk of BTC revisiting the $10,000 area amid stretched equity valuations and low 180‑day volatility.