Strategist names the only ‘top prerequisite’ preventing stock market crash

Bloomberg Intelligence strategist Mike McGlone has warned that the resilience of Bitcoin ( BTC ) could be the key factor preventing a ￰0￱ market collapse similar to past deflationary ￰1￱ analysis suggests that staying elevated may be the market’s last line of defense against a broader economic correction following the inflationary surge of recent years, McGlone said in an X post on October 19. “Staying lofty might be a top prerequisite for the US stock market to avoid a typical deflationary downturn following inflation,” McGlone said. S&P 500 – GDP chart.) October 19, 2025 That pattern mirrors previous recessionary paths, with investors favoring safe-haven assets while industrial commodities ￰2￱ to McGlone, the only factor that could halt this trajectory in the fourth quarter is renewed market ￰3￱ the same time, the S&P 500’s 90-day volatility recently fell to its lowest in about five years, and a rebound could act as a catalyst, either stabilizing markets through renewed risk pricing or accelerating the long-anticipated ￰4￱ image via Shutterstock