Bloomberg Intelligence analyst Mike McGlone previously made a shocking prediction that Bitcoin could drop below $10,000. He was immediately criticized by the crypto community as alarmist. Facing widespread skepticism, he recently changed his tone, emphasizing that a more realistic target price is around $28,000.
Earlier this week, Mike McGlone issued a stern warning, stating that the rapid decline in cryptocurrency prices could be a sign of broader financial stress. He boldly predicted that if the U.S. stock market peaks and the economy enters recession, Bitcoin could fall all the way to $10,000.
McGlone also described Bitcoin as a “high-beta” risk asset, believing that the market’s traditional “buy the dip” strategy since 2008 would fail, causing Bitcoin to be the first to suffer and become a “sell-off hotspot.”
However, these extreme comments immediately sparked strong backlash from the crypto community and analysts. Market analyst and co-founder of AdLunam Jason Fernandes publicly challenged McGlone on social platforms X and LinkedIn, calling for a debate.
Under intense public pressure, McGlone posted a new message on X, showing a clear shift in attitude. He now states that, based on historical price distribution data, $28,000 is a more likely support level. He also mentioned that his analysis “just explains why now is not the time to buy Bitcoin or most risk assets.”
Jason Fernandes told CoinDesk that even though McGlone has raised his target price, his core reasoning remains questionable. He said:
$28,000 is obviously much more reasonable than $10,000. After all, for Bitcoin to fall to $28,000, the market would need to make fewer mistakes than if it dropped to $10,000.
Another market analyst, Mati Greenspan, founder of Quantum Economics, previously criticized the $10,000 prediction as “utter nonsense.” He pointed out, “Mike McGlone wants everyone to believe that an asset with trillions of dollars in monthly trading volume can have its market cap drop to just $20 billion.”
While Greenspan still believes the chance of Bitcoin falling to $28,000 is low, he warned investors: “In financial markets, you can never say never.”
Jason Fernandes previously estimated that, barring a systemic liquidity crisis, a reasonable revaluation range for Bitcoin should be between $40,000 and $50,000. He noted that McGlone’s current call of $28,000 is actually closer to his own lower estimate.
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