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Senior Bloomberg Analyst Adjusts Bitcoin Price Forecast Following Criticism, 2026/02/20 12:31:01
Senior analyst at Bloomberg Intelligence, Mike McGlone, has revised his post on social media platform X regarding his Bitcoin price forecast following criticism from market participants. He now considers a decline of the leading cryptocurrency to at least $28,000, a change from his earlier prediction of $10,000.
The initial forecast was based on the assumption that a drop in cryptocurrency prices could indicate broader financial issues. According to McGlone, Bitcoin could fall to $10,000 if the U.S. stock market peaks, leading to a recession. He described the cryptocurrency as a high-risk asset, vulnerable in the context of the end of the “buy the dip” strategy that emerged after the 2008 crisis.
This Chart Suggests Why NOT To Buy Bitcoin or Most Risk Assets –
The first born crypto has reverted to its $66,000 mean since 2023. The mode is closer to $28,000 and the graphic highlights the inordinate burden on the Nasdaq-100 to keep going up — or else. My bias is plunging… pic.twitter.com/6leOPNzke1
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— Mike McGlone (@mikemcglone11) February 18, 2026
The analyst’s statements prompted a strong reaction within the crypto community. Market analyst and founder of Quantum Economics, Mati Greenspan, pointed out that an asset with monthly trading volumes in the trillions is unlikely to collapse to a market cap of $200 billion.
“This is literally nonsense,” Greenspan wrote on social media platform X, adding that a forecast of $28,000 also seems improbable to him.
Co-founder of AdLunam, Jason Fernandes, also questioned McGlone’s arguments and suggested discussing the forecast publicly on social media platforms X and LinkedIn, but did not receive a response.
Fernandes believes that a more likely correction range for Bitcoin is between $40,000 and $50,000, unless a systemic liquidity shock occurs. The expert emphasized that overly definitive and alarming statements can significantly impact investment decisions and expose “real capital to risk,” especially in reflexive markets like cryptocurrency.
According to Fernando Nikolic, founder of Perception, McGlone is one of the main proponents of a bearish scenario due to his predictions of Bitcoin falling “to zero or nearly zero.” In January, McGlone claimed that excessive growth of the leading cryptocurrency in 2023-2024, weak performance, and a large number of coins with unlimited issuance could trigger a drop in Bitcoin to $50,000 this year.
