Bitcoin may no longer have more than 27% up in this cycle before entering a downward trend, according to the CEO of Canary Capital Steven McClurg.
“I think there is more than 50% chance that Bitcoin goes to the 140 to 150 range this year before seeing another bear market next year,” said McClurg during a CNBC interview on Friday. At the time of publication, Bitcoin (BTC) is negotiated at $ 117,867, which means that a passage in this range would represent gains from 19% to 27%, according to CoinmarketCap.
McClurg is afraid of the economy at the moment
McClurg warned against a larger economic bear market to come, saying that he was not confident in macroeconomic perspectives.
“I do not like the economic position at all at all,” he said, arguing that the American federal reserve should have already reduced rates during its last two meetings. He expects the rate reductions to arrive in September and October. Likewise, market players assess the chances of 92.5% of a Fed rate drop in September, according to the CME Watch tool.
McClurg awarded the majority of the recent Bitcoin price action to identify Bitcoin ETF, entries and purchases of cash companies. “This is what really stimulates the price,” he said.
“We note that large allowances arrive, not only small institutions, but great sovereign funds, we see insurance companies asking questions,” he explained.
Michael Saylor has an entirely different forecast
While McClurg expects the cash company to buy an overview of the coming months, he recognized that their impact had been significant.
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Other Bitcoin defenders do not agree with the idea of another lower market. The executive president of the strategy, Michael Saylor, said in an interview on June 11 that “winter does not come back”.
“We have exceeded this phase; if Bitcoin does not go to zero, it goes to $ 1 million,” said Saylor.
Meanwhile, the director of chief investment of Bitwise, Matt Hougan, said that he does not expect the bull market to slow down anytime.
“I bet 2026 is an increase year,” said Hougan in an X video on July 26. “I largely think that we are in a few years,” added Hougan.
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