According to Canary Capital’s CEO Steven McClurg, Bitcoin could have only 27% of its upside remaining in this cycle.
“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) around $6,000 at CNBC.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 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 claimed, should have cut interest rates in its previous two meetings. He believes that rate cuts will come both in September and October. Market participants also price in a 92.5 percent chance that the Fed will cut rates in September. according CME Watch Tool
McClurg said that the Bitcoin recent price increase was largely due to the 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 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 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 On July 26, X released a video. “I broadly think we’re in for a good few years,” Hougan was added.
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Source: cointelegraph.com
