Mike McGlone adjusts bitcoin's downside target to around $28,000

Bloomberg Intelligence analyst Mike McGlone has adjusted his downside target for bitcoin from $10,000 to around $28,000, after his previous $10,000 prediction was criticized as overly alarmist. McGlone believes that $28,000 is more in line with historical price distributions and advises investors to avoid bitcoin and other risk assets. Critics such as Jason Fernandes and Mati Greenspan argue that the $28,000 target is still unlikely or too absolute, warning that such predictions could influence market positioning and pose risks to actual capital in the crypto market.