Analyst softens bitcoin downside target to $28,000
Bloomberg Intelligence's lead analyst Mike McGlone has published a new bitcoin forecast. He has adjusted his previously voiced pessimistic forecast, which suggested the first cryptocurrency could fall to $10,000.
Now McGlone believes that in the worst case, bitcoin could drop to the $28,000 mark. This revision of the forecast was prompted by the barrage of criticism the analyst received after publishing his initial forecast of a drop to $10,000.
Market analysts note that extreme negative forecasts for bitcoin carry the risk of having a real impact on financial flows. This, in turn, has sparked a lively discussion in the crypto community about the macroeconomic prospects of the first cryptocurrency.
Despite the revision of the forecast, McGlone still remains rather pessimistic about the short-term prospects for bitcoin. In his opinion, there are still risks of further price declines due to the general tightening of monetary policy by the world's leading central banks.
Expert opinion: McGlone probably decided to soften his forecast to avoid accusations of spreading unfoundedly pessimistic expectations that could have a negative impact on the market. Nevertheless, his overall position remains moderately bearish, and he continues to signal the possibility of further bitcoin price declines in the short term.