Bitcoin’s failure to hold above $80,000 is raising alarms that the weakness could spill over into the rest of the digital-asset market and beyond, according to Bloomberg Intelligence senior commodity strategist Mike McGlone.

In a pair of posts on X, McGlone framed the leading cryptocurrency as a laggard against both gold and long-dated U.S. Treasuries, two asset classes it once outpaced. His central marker is the $80,000 line: a sustained break below it, he argued, would reinforce concerns about instability across crypto and risk assets more broadly.

Bitcoin traded near $77,300 on Saturday, roughly 3.4% under the threshold McGlone flagged.

Against gold, one Bitcoin bought about 20 ounces as of Saturday. McGlone said the ratio is more…