Bloomberg Analyst Mike McGlone Revises Bitcoin (BTC) Price Target to $28,000 Amid Market Volatility

Bloomberg Intelligence's senior commodity strategist, Mike McGlone, has adjusted his bearish forecast for Bitcoin (BTC), raising his downside target to $28,000. This revision comes after significant market pushback against his previous prediction of a drop to $10,000. McGlone, known for his macroeconomic analysis, cited persistent high-interest rates and potential economic headwinds as key factors for a more cautious outlook. However, the upward revision to $28,000 is seen by some traders as a softening of his extreme bearish stance. The analyst emphasized that Bitcoin remains in a consolidation phase, with the $28,000 level representing a critical support zone. This update highlights the ongoing debate about Bitcoin's price trajectory amidst fluctuating regulatory and economic conditions.