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 was (at the time of publishing) Bitcoin.BTCThe price of ) at the moment is $117 867. A move to that range will result in gains of between 19% and 27 %. according CoinMarketCap is a great place to start.
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 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 cut in rate in September. according CME Watch Tool
McClurg said that the Bitcoin recent price increase was largely due to spot Bitcoin exchange-traded funds (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 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 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
