By Anand Sinha

Bitcoin (BTC) and the broader crypto market have been through the ebbs and flows typical of any market. Most market participants believe the current crypto crash that began in October this year is similar to the 2018 and 2022-23 crashes.

However, there is one analyst who believes the crypto market is headed towards a crash similar to the Wall Street crash of 1929.

Related: Wall Street firm files new Bitcoin ETF that trades only after dark

Mike McGlone, senior commodity strategist at Bloomberg Intelligence and former chief strategist at The Lyford Fund (Global Macro Hedge Fund), recently compared the Bloomberg Galaxy Crypto Index in 2025 and the Dow Jones Industrial Index (DJIA) in 1929 and wondered if we have already hit "Peak Bitcoin."

Understanding Wall Street Crash of 1929

A landmark event in global financial history, the "Wall Street crash of 1929" was the most devastating stock market crash in the U.S.

The 1920s are associated with an exceptionally high economic growth and stock market performance in the U.S. and the decade is fittingly called the "Roaring Twenties."

The DJIA had grown tenfold in value during the nine-year bull run and the index peaked at 381.17 on Sep. 3, 1929.

But large-scale speculative trading led to an unprecedented asset bubble.

Ultimately, "Black Thursday" struck when the New York Stock Exchange (NYSE) crashed on Oct. 24, 1929. It marked the beginning of the Wall Street Crash of 1929 or the "Great Crash" of 1929.

A bread line forms outside the Rescue Society in Doyers Street, New York City, during the Great Depression, 1929.

The DJIA fell nearly 50% by mid-November and hit its lowest point of 41.22 in the 20^th century in the summer of 1932—approximately 90% lower than its 1929 peak. The benchmark couldn't fully recover to its 1929 peak until 1954.

The Wall Street crash of 1929 marked the beginning of the "Great Depression" that lasted until 1939.

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Bitcoin headed towards 1929-style crash, analyst warns

On Dec. 15, McGlone shared a chart comparing the Dow Jones index in 1929 and the Bloomberg Galaxy Crypto Index in 2025 and underlined a stark similarity between the two.

Both periods, set apart by nearly a century, indicate a strong surge towards a peak followed by a sell-off leading towards the ultimate crash.

Peak Bitcoin? Bubbles, Gold and the 2025 Crypto Market vs. 1929 -
The proliferation of bubble vs. not-a-bubble outlooks for the US stock market typically occurs near market peaks. Highly correlated Bitcoin may have done so as well. The first-born crypto was like a beach ball… pic.twitter.com/TpUoFzLn8r

— Mike McGlone (@mikemcglone11) December 15, 2025