Bloomberg Intelligence’s Mike McGlone appeared to backtrack on his $10,000 forecast for Bitcoin, pointing to $28,000 instead after being challenged on social media and accused of being an alarmist whose “absurd” predictions endanger real capital.
Earlier this week, McGlone warned that the collapse in crypto prices could signal broader financial stress and that bitcoin could return towards $10,000 if US stocks peak and a recession ensues. He presented the token as a high-beta risk asset, vulnerable to a breakdown of the post-2008 “buy the dip” regime.
But in a later article on X, McGlone pointed out that $28,000 was a more likely level based on the historical price distribution, a notable change from his previous base case. He also said his analysis “suggests why not buy Bitcoin or most risk assets.”
Its upward correction also follows a challenge during a debate by market analyst and co-founder of AdLunam, Jason Fernandes, on publications X and LinkedIn.
Fernandes, whose LinkedIn challenge was appreciated but not accepted by McGlone, told CoinDesk that his broader criticism still stood, even after the Bloomberg analyst revised his focus. “$28,000 is obviously more realistic than $10,000,” Fernandes said. “Proportionally, there are fewer problems to occur for $28,000 than for $10,000.”
Mati Greenspan, market analyst and founder of Quantum Economics, said $28,000 was still unlikely, “but in markets we never want to rule anything out.”
Greenspan had also called out McGlone in an article on He said the predictions were “literally absurd.”
Fernandes previously estimated a reset more likely to the $40,000-$50,000 range in the absence of a systemic liquidity shock. He noted that $28,000 now sits closer to his lower limit than McGlone’s initial call. “It is worth mentioning that he adjusted his short-term outlook closer to my low point than his previous forecast,” Fernandes said.
The issue of the debate goes well beyond price objectives. Fernandes said a deterministic and alarmist framework can significantly influence positioning and put “real capital at risk,” especially in reflexive markets like crypto.
