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 interviewed him on Friday. Bitcoin was (at the time of publishing):BTCThe price of ) at the moment is $117 867. A move to that range will result in gains between 19% and 27 %. according CoinMarketCap.
McClurg has a fear of the economy at this time
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 continued, should have cut rates already at the last two meetings. He believes that rate cuts will come both in September and in October. 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’s forecast is completely different
McClurg acknowledged the impact of treasury firms’ buying, which he expects to peak within months.
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 On June 11, “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 It is unlikely that the pace of development will slow anytime soon.
“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 was added.
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Source: cointelegraph.com
