Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, has warned that Bitcoin's rally might be merely a selling opportunity in a bear market, rather than a signal of sustained upside. He pointed out that the US 30-year government bond yield recently surged to 5.31%, a new high since 2007, indicating that tightening financial conditions are threatening speculative assets and could end the historic rallies in cryptocurrencies, precious metals, and stocks. McGlone believes that elevated bond yields intensify competition with Bitcoin and gold by offering attractive government-backed returns, while simultaneously pushing up borrowing costs, reducing liquidity, and increasing the discount rates for stocks and other long-duration assets.