Bitcoin could be more than 27% remaining in this cycle, according to Canary Capital CEO Steven McClurg.
“Before we look at another Bear Market next year, I think there’s a 50% chance that Bitcoin will be in the 140-150 range this year,” McClurg said in a CNBC interview on Friday. According to CoinmarketCap, Bitcoin (BTC) was traded for $117,867 at the time of publication.
McClurg is now afraid of the economy
McClurg warned about the broad economic bare market, saying he lacked confidence in the macroeconomic outlook.
“I don’t like my financial position at all right now,” he said. He expects interest rate cuts to arrive in both September and October. Similarly, according to the CME Watch tool, market participants priced 92.5% of the time in September for a Fed rate reduction.
McClurg thought that the majority of Bitcoin’s recent price action was attributed to the influx of Bitcoin ETFs and recent price action to find a purchase from a finance company. “That’s what drives the price,” he said.
“We see a large allocation involving not only from small institutions, but also from large sovereign wealth funds. We see insurance companies asking questions,” he explained.
Michael Saylor has a completely different prediction
McClurg expects the financial company’s purchases to peak in the coming months, but he acknowledged that their impact is significant.
Related: Did Bitcoin’s new record-highest trader top BTC price at 124K?
Other Bitcoin supporters oppose the idea of another bear market. “Winter won’t come back,” Strategy Executive Director Michael Saylor said in an interview on June 11th.
“We’re past that stage. If Bitcoin doesn’t go to zero, it’s $1 million,” Saylor said.
Meanwhile, Bitwise Chief Investment Officer Matt Hogan said he doesn’t expect Bullmarket to slow anytime soon.
“I think 2026 is the New Year,” Hogan said on X-Video on July 26th.
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