Bitcoin to $40K? Macro analyst Luke Gromen turns bearish on Bitcoin

Macro analyst Luke Gromen turns short‑term cautious on Bitcoin, questioning whether it’s still the best way to play the debasement trade.

Global macro analyst Luke Gromen has turned near-term bearish on Bitcoin, even saying that a drop to the $40,000 range is possible in 2026. He argues that the number-one crypto looks vulnerable as macro conditions and investor narratives shift.

In a recent appearance on the RiskReversal podcast, Gromen largely stuck by the core debasement trade thesis for fiat currencies and hard assets, but said that gold and certain equities were doing a better job than Bitcoin (BTC) of expressing that view, adding, “Basically everything but gold and the dollar are likely to get waylaid.”