Mike McGlone softens bitcoin downside target to $28,000 after backlash over $10,000 call

Market analysts said the extreme downside scenario risked influencing real capital flows, prompting a heated public debate over bitcoin’s macro outlook. What to know : Bloomberg Intelligence analyst Mike McGlone has shifted his bitcoin downside target from $10,000 to about $28,000 after criticism that his earlier call was alarmist and risky for investors. McGlone now argues that $28,000 is a more probable level based on historical price distribution and maintains that his analysis shows why investors should avoid bitcoin and other risk assets. Critics including Jason Fernandes and Mati Greenspan say the revised $28,000 target is still unlikely or overly deterministic, warning that such stark forecasts can distort positioning and put real capital at risk in reflexive crypto markets.