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 interviewed him on Friday. Bitcoin was (at the time of publishing) a currency that is based on the Bitcoin protocol.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 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,” He said that the US Federal Reserve had already been due to cut interest rates during its two previous meetings. He anticipates that both rate reductions will occur in October and September. Similar, the market is pricing in an 92.5% probability of a Fed cut 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 clarified.
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 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
