Gareth Soloway Flags Dangerous Bitcoin Chart Pattern as Analysts Diverge on Cryptocurrency's Path

Three major market voices recently shared starkly different perspectives on Bitcoin’s trajectory, with Bloomberg Intelligence analyst Mike McGlone warning of structural risks, veteran investor Scott Melker questioning broader economic health, and technical analyst Gareth Soloway highlighting troubling chart formations. Their debate comes as Bitcoin trades near $69,840 with mixed market signals—the asset is up 8.63% over the past 24 hours, yet remains caught between competing macro and micro forces that have left many traders uncertain about its next major move.

McGlone’s Structural Warning: Bitcoin at a Crossroads

Bloomberg Intelligence’s Mike McGlone adopted a cautious outlook, drawing parallels between current market conditions and the periods preceding major crashes in 1929 and 2008. According to McGlone, Bitcoin carries significant downside risk unless it decisively breaks above the $100,000 threshold. Without that move, the analyst suggests a pullback to the $10,000 level would be “chartically normal”—a retreat that would wipe out substantial gains made over recent years. This sobering assessment reflects concerns that without fresh bullish catalysts, the cryptocurrency could face sustained selling pressure during vulnerable market windows.

Melker’s Reality Check: Whose Economy Is Strong?

Scott Melker, a respected voice in crypto and traditional markets, challenged the prevailing narrative about economic strength. He argued that macroeconomic data masks a starkly divided reality: while the wealthy enjoy prosperity, ordinary people struggle with basic expenses like food and fuel. This disconnect, Melker contended, means Bitcoin remains “stuck in the mud”—unable to rally convincingly or collapse decisively. The lack of volume supporting any meaningful move keeps the asset in limbo. Melker added that political dynamics could shift market sentiment between August and October leading into US elections, potentially overshadowing any current downturns from a trader’s perspective.

Soloway’s Technical Red Flag: The Head and Shoulders Pattern

Gareth Soloway, a prominent technical analyst, identified a concerning pattern that demands attention: the formation of a “Head and Shoulders” configuration on Bitcoin’s chart. This reversal pattern, if it plays out as technical traders expect, could drive Bitcoin back toward the $69,000 support level—representing meaningful downside from resistance areas. Soloway further noted that Bitcoin’s failure to rise in tandem with gold, which continues reaching fresh highs, reveals a critical classification shift. Rather than functioning as a “safe haven” asset like precious metals, Bitcoin is increasingly being priced as a “risky asset”—meaning it moves with equity markets and risk appetite rather than protecting capital during uncertainty.

The Divergence That Matters

What ties these three perspectives together is acknowledgment that Bitcoin faces a critical inflection point. McGlone warns of structural vulnerability, Melker highlights real-world economic strain beneath headline numbers, and Gareth Soloway’s technical reading suggests near-term challenges before any sustained recovery. Traders watching closely will want to monitor whether Bitcoin can establish itself as a legitimate diversifier or whether current weakness is merely the beginning of a deeper correction.