Canary Capital CEO Steven McClurg believes that Bitcoin has no more than 27% potential upside in the current cycle, before it enters a downward trend.
“I think there is a greater than 50% chance Bitcoin goes to the 140 to 150 range this year before we see another bear market next year,” McClurg said CNBC’s Friday interview. Bitcoin (at time of publication) was worth about $US 6,000.BTCThe price of a share () in the market is $117 867. A move to that range represents gains between 19% and 27 %. according CoinMarketCap.
McClurg fears the current economy
McClurg said he was not confident about the macroeconomic forecast and warned that a bear market would be coming.
“I don’t like the economic standing at all right now,” The US Federal Reserve, he argued, should have cut rates already at their last two meetings. He anticipates that both rate reductions will occur in October and September. Market participants have priced in an 92.5% probability of a Fed interest rate cut for September. according CME Watch Tool
McClurg said that the Bitcoin recent price increase was largely due to an inflow of Bitcoin ETFs as well as treasury purchases. “That’s what is really driving price,” “He said”
“We’re seeing large allocations coming in, not just from small institutions but from large sovereign wealth funds, we’re seeing insurance companies asking questions,” He clarified.
Michael Saylor makes a completely different prediction
McClurg believes that treasury buying will peak in the next few months. However, McClurg acknowledges their significant impact.
Related: Bitcoin’s new record high has traders asking: Did BTC price top at $124K?
Bitcoin supporters disagree on the possibility of a new bear market. Strategy executive chairman Michael Saylor said during an interview The 11th of June is a day that “Winter is not coming back.”
“We’re past that phase; if Bitcoin’s not going to zero, it’s going to $1 million,” Saylor said.
Matt Hougan is the chief investment officer of Bitwise. doesn’t expect the bull market There is no sign of a slowdown.
“I bet 2026 is an up year,” Hougan said In an X-video on the 26th of July. “I broadly think we’re in for a good few years,” Hougan is added.
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Source: cointelegraph.com
