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.
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