Mike McGlone has lowered the downside target price for Bitcoin to $28,000

According to CoinDesk, Bloomberg Industry Research analyst Mike McGlone had previously predicted a decline in Bitcoin prices but faced criticism for being overly alarmist and posing too high a risk for investors.

Subsequently, McGlone raised his target price for Bitcoin's decline from $10,000 to around $28,000. McGlone believes that, based on historical price distribution, $28,000 is a more likely level and maintains that his analysis indicates why investors should avoid Bitcoin and other risky assets.