Canary Capital CEO Steven McClurg believes that Bitcoin has no more than a 27% upward trend left 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 interviewed him on Friday. Bitcoin (at time of publication) was worth about $US 6,000.BTC( ) currently trades at $117.867. This means that a move in this range could result in gains of between 19% and 27%. according CoinMarketCap.
McClurg fears the current economy
McClurg has warned about a wider economic bear-market ahead. He is not confident of the macroeconomic outlook.
“I don’t like the economic standing at all right now,” The US Federal Reserve, he said in his argumentation, should have cut rates already at their last two meetings. He anticipates that both rate reductions will occur in October and September. Market participants also price in a 92.5 percent chance that the Fed will cut rates in September. according CME Watch Tool
McClurg attributes the recent Bitcoin price movement to inflows of spot Bitcoin ETFs and Treasury firm 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 explained.
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 enthusiasts disagree that there will be another 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, chief investment officer at Bitwise, said that he was a bit concerned about the situation. 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
