Pessimism about Bitcoin's drop to $10,000 sparks backlash! Bloomberg analyst changes tune: a drop to $28,000 is more reasonable

Bloomberg analyst originally predicted Bitcoin could drop to $10,000, sparking community backlash before changing his stance to $28,000 as a more reasonable target, intensifying market debate.

Bloomberg Intelligence analyst Mike McGlone previously made a shocking prediction that Bitcoin could fall to $10,000, which was immediately criticized by the crypto community as alarmist. Facing widespread skepticism, he recently quietly revised his outlook, emphasizing that $28,000 is a more realistic target price.

Earlier this week, Mike McGlone issued a stern warning, asserting 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 potentially fall all the way to $10,000.

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 zone.”

However, these extreme comments immediately triggered 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 mounting 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. 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 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 far less 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 could see its market cap drop directly to $200 billion.”

While Greenspan believes the probability of Bitcoin falling to $28,000 remains 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 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.

The core of this debate is no longer just about a single price target. Fernandes emphasized that in highly reflexive markets like cryptocurrencies, such dogmatic and alarmist narratives can materially influence investors’ positions, potentially leading to a “self-fulfilling prophecy” and causing a collapse that exposes innocent investors to unnecessary risk.

• This article is reprinted with permission from BlockCast.
• Original title: “Bitcoin Prediction of $10,000 Sparks Outrage! Bloomberg Analyst Changes Tune to $28,000 as More Reasonable”
• Original author: Block Sister MEL