Macro analyst Luke Gromen has adopted a bearish outlook on Bitcoin, forecasting a potential decline to $40,000 by 2026. Speaking on the RiskReversal podcast, Gromen pointed to shifting macroeconomic conditions and weakening technical indicators as key factors in his prediction. He noted Bitcoin's recent underperformance compared to gold and the breach of significant moving averages. Gromen also highlighted rising discussions around quantum risk as a potential threat to Bitcoin's future value. Despite mixed short-term momentum, on-chain data indicates that long-term holders of Bitcoin remain steady, suggesting a complex market outlook.