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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
FLOW Recovers From Prolonged Downtrend As Buy-Side Liquidity Builds, Triggering a Potental 22% Br...
The Flow (FLOW) coin is attracting investor interest as its on-chain market continues to pick up fresh momentum, according to a revelation disclosed today by financial analyst Crypto Patel. As per the data posted today, the cryptocurrency has developed a clear bull structure and is displaying a
BlockChainReporter1h ago
Zcash Price Rally Gains Pace as Shielded Pools Hit Record
Key Insights:
Zcash surged 25% daily and over 60% monthly as strong demand for privacy features drove increased investor participation across the network.
Shielded pool holdings reached $5.18 billion, showing over 31% of supply now locked in private transactions, signaling stronger user
CryptoNewsLand2h ago
'Bitcoin ETF Performance Pales Next to Gold': Mike McGlone - U.Today
Mike McGlone, a Bloomberg strategist, argues that Bitcoin ETFs may not drive long-term growth for Bitcoin, which has underperformed compared to gold. Despite recent gains, Bitcoin's performance seems capped, suggesting a potential peak in crypto enthusiasm.
UToday3h ago
XRP Eyes $1.60 as April History Shapes Market Expectations
Key Insights:
XRP historical April data shows sharp gains and losses, with 2021 marking a 180% surge while recent years reflect declining monthly performance trends.
Current price consolidation between $1.28 and $1.36 suggests reduced volatility, signaling a potential breakout as traders mon
CryptoNewsLand3h ago
Cardano Price Holds Gains as Bullish Signals Strengthen
Key Insights
Cardano trades above $0.25 as steady recovery continues, supported by improving sentiment and growing engagement across crypto discussions among market participants globally.
Derivatives data show rising long positions and positive funding rates, indicating traders
CryptoNewsLand3h ago
Benchmark sets a $16 target price for Securitize and is bullish on the growth potential of the tokenized assets sector
Benchmark reaffirmed its bullish stance on Securitize (SECZ) in its latest research report, setting a $16 price target, and believes the company will benefit significantly from the tokenized asset wave. If it were to capture 0.01% of the NYSE’s market cap, its asset base could double. Securitize has full regulatory credentials and has become the digital transfer agent for the NYSE’s tokenized securities platform. It has also partnered with BlackRock, with the size of its tokenized U.S. Treasury fund nearing $3 billion, but it faces regulatory and technology risks.
GateNews3h ago
