Summary
- Mike McGlone said he revised Bitcoin (BTC)’s downside target from $10,000 to $28,000.
- McGlone said Bitcoin is more likely to decline to $28,000 than to plunge to $10,000.
- He added that buying risk assets, including Bitcoin, still warrants caution, maintaining a conservative stance.
Mike McGlone, a senior macro strategist at Bloomberg Intelligence who had predicted Bitcoin (BTC) could fall to $10,000, has revised his downside target to $28,000.
According to crypto-focused media outlet CoinDesk on the 19th (local time), McGlone said in a new analysis that “it is more likely for Bitcoin to decline to $28,000 than to plunge to $10,000.” He added that “buying risk assets, including Bitcoin, still warrants caution.”
Previously, McGlone had put forward a forecast that Bitcoin could collapse to $10,000. After the remarks, critics said they could stoke excessive fear in the market and negatively affect actual capital flows.
This revision narrows the projected decline compared with his earlier outlook. Still, he is maintaining a conservative stance toward risk assets overall.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
