PANews reported on February 19th that, according to CoinDesk, Bloomberg Intelligence analyst Mike McGlone had previously predicted a decline in Bitcoin's price, but faced criticism for his overly alarmist predictions that posed too much risk for investors. McGlone subsequently raised his price target for Bitcoin from $10,000 to approximately $28,000.

McGlone believes that $28,000 is a more likely level based on historical price distributions and maintains that his analysis demonstrates why investors should avoid Bitcoin and other risky assets.