Bitcoin has recently lagged behind the S&P 500 index, as noted by Mike McGlone, senior commodity strategist. While the S&P 500 rose 17% from the beginning of the year to November 10, Bitcoin gained only 13%, reported Finbold.

Bitcoin lags behind the stock market

McGlone explained in his post that despite significant ETF inflows and typically higher BTC volatility, the bull market may be exhausted. Data from Bloomberg Intelligence support his claim, showing that Bitcoin’s annual candle remains positive but with declining momentum toward the end of 2025.

Analysis indicates that Bitcoin’s weakening momentum relative to traditional assets could lead to reversal moves next year. McGlone notes that this pattern aligns with previous cycles, where Bitcoin’s final growth phases often ended in sharp corrections. He therefore predicts a possible trading range between $50,000 and $150,000 in 2026, advising investors to exercise caution and consider risks.

Bitcoin $50,000-$150,000 in 2026? Reversion Risks –
Weakness in Bitcoin relative to beta in 4Q could carry into 2026. Up only about 13% in 2025 compared with the S&P 500’s 17% total return to Nov. 10, Bitcoin’s underperformance — despite strong ETF inflows and roughly twice the… pic.twitter.com/HSacUyFaSx

— Mike McGlone (@mikemcglone11) November 11, 2025

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Weakening risk assets affect BTC

In addition to Bitcoin’s weaker performance, McGlone links the situation to broader trends in risk assets. Copper markets, which saw record gains in 2025, returned to returns in line with the S&P 500 after tariff concerns eased in July. This development may indicate a shift toward a deflationary environment, putting pressure on speculative assets including Bitcoin.

Waning Bitcoin Could Drive Toward 2026 Deflation –
Whether the recent pullback in Bitcoin, beta and copper represents a deeper rollover or just another dip to buy may soon become clear. When fears of US tariffs subsided in July, copper’s record-setting 2025 performance fell… pic.twitter.com/PhUgsrdi56

— Mike McGlone (@mikemcglone11) November 11, 2025

According to TradingView, Bitcoin is currently struggling to maintain support above $100,000. After falling below this level, a slight recovery followed, supported by news of a possible U.S. government reopening. However, market momentum has since stalled.

On the weekly timeframe, Bitcoin’s decline is only 0.37%, while the daily drop is nearly 2%. The price is currently below the 50-day moving average of $103,139, confirming short-term selling control and a continuing downtrend since mid-October.

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