Bloomberg Intelligence analyst Mike McGlone previously made a shocking prediction that Bitcoin could drop to $10,000, which was immediately criticized by the crypto community as alarmist. In response to the widespread criticism, he recently changed his tone quietly, emphasizing that a more realistic target price is $28,000.
Earlier this week, Mike McGlone issued a stern warning, asserting that the rapid decline in cryptocurrency prices could be a precursor to broader financial stress. He boldly predicted that if the US stock market peaks and the economy enters recession, Bitcoin could face a sharp decline down to $10,000.
Mike McGlone also characterized Bitcoin as a high-beta risk asset, believing that once the market’s traditional “buy the dip” strategy, used since 2008, fails, Bitcoin will 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 Mike McGlone on social platforms X and LinkedIn, calling for a public debate.
Under intense public pressure, Mike McGlone posted a new message on X, showing a clear softening of his stance. He now states that, based on historical price distribution data, $28,000 is a more likely support level. However, 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 the Bloomberg analyst has revised his target price upward, 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 be wrong in fewer conditions than for it to drop 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 monthly trading volumes in the trillions of dollars can have a market cap suddenly drop to $200 billion.”
Although Mati Greenspan believes the probability of Bitcoin falling to $28,000 is still low, he also warned investors: “In financial markets, we 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 the $28,000 figure now being touted by Mike McGlone is actually closer to his own lower bound.
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