Bitcoin could face a decline to $50,000 due to macroeconomic pressures, according to Bloomberg Intelligence's senior commodity strategist Mike McGlone. On November 28, McGlone highlighted Bitcoin's weakening performance against gold, reduced stock market volatility, and increased competition from other cryptocurrencies as key factors. He also noted that both Bitcoin and the S&P 500 are trading below their 50-week moving averages, a pattern often preceding market downturns. Despite recent gains, technical indicators point to a bearish trend for Bitcoin.