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. Facing widespread skepticism, he recently backtracked, emphasizing that a more realistic target price is $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 a recession, Bitcoin could fall all the way 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 since 2008 fails, Bitcoin will be hit hardest and become a “sell-off disaster area.” However, this extreme statement 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 public debate.
Under intense public pressure, 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 McGlone has revised his target 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 significantly wrong, which is less likely than a 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 assets with trillions of dollars in monthly trading volume can directly crash to a market cap of only $200 billion.”
Although Greenspan believes the probability of Bitcoin dropping to $28,000 remains low, he warned investors: “In financial markets, you can never say never.”
Jason Fernandes previously estimated that unless a systemic liquidity crisis occurs, a reasonable re-pricing 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 bound.
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
Shiba Inu Price Prediction: SHIB Chart Mirrors Pattern From 455% Explosion
Shiba Inu pumped 10% yesterday alongside Dogecoin after Elon Musk’s X Money announcement. SHIB now trades around $0.0000057 with a market cap near $3.3 billion. But the move comes after a rough stretch for meme coins.
Overall, SHIB has had a disappointing year of price action. Meme coins haven’t re
CaptainAltcoin3h ago
Arthur Hayes warns: Bitcoin may dip below $60,000 in the short term, but still has the potential to reach $500,000 in the long term
Cryptocurrency industry executive Arthur Hayes warns that Bitcoin may experience a short-term pullback to $60,000, but remains optimistic about its long-term potential, expecting the price to reach $500,000 to $750,000 by the end of 2026. He emphasizes that geopolitical tensions and high interest rates will influence BTC's movement, and investors should be cautious in responding to short-term fluctuations.
GateNews6h ago
Ethereum Price News: Network Activity Hits Record High, Why Is ETH Price Still Under Pressure?
Ethereum network activity hits a record high, but prices have not kept pace, with daily active addresses approaching 2 million. Capital flow has become the main driving force, with inflows to trading platforms surpassing Bitcoin. Although ETH accounts for 52% of stablecoin supply, the market remains focused on capital movement. It is expected that by 2026, ETH prices could rebound to $3,000.
GateNews6h ago
Stablecoin Wave, "AI Proxy Finance" Assists! Bernstein Optimistic About Circle's Stock Price Soaring Another 60%
The stock price of stablecoin USDC issuer Circle has recently risen, and Bernstein reports predict it could increase another 60% in the future, with a target price of $190. The growing demand for stablecoins and the rise of AI-powered financial applications are the main driving factors. Circle's stock price has increased over 100% in the past few weeks and continues to expand its payment network, indicating that the application scope of stablecoins is expanding. Additionally, stablecoin trading volume has grown significantly, showing deeper integration with traditional finance.
区块客7h ago
Is this the perfect buying point for Bitcoin? PlanB updates the S2F model: the average price in this cycle is expected to reach $500,000
Quantitative analyst PlanB has made a new Bitcoin forecast, estimating that the average price from 2024 to 2028 will reach $500,000, based on its S2F model. The model calculates scarcity through asset stock and annual production, indicating that the market is currently entering a buying opportunity. PlanB emphasizes the historical accuracy of the forecast but also acknowledges the model's blind spots and the need to pay attention to market demand changes.
区块客7h ago
Solana Price Prediction: 30 Institutions Bet $540 Million on Solana ETF, Can SOL Hold $80 and Break $100?
Although Solana (SOL) has recently maintained stable prices, approximately 30 institutional investors collectively hold around $540 million in Solana ETF positions, indicating interest in long-term investment. Currently, SOL is fluctuating around $80 to $90, with $80 being a key support level. A break below could signal a drop below $64. Analysts believe that institutional capital inflows will influence SOL's future performance.
GateNews7h ago
