Canary CEO: The probability of Bitcoin (BTC) reaching $150,000 before the bear market next year is "over 50%"

CN
5 days ago

According to Steven McClurg, CEO of Canary Capital, Bitcoin may have up to 27% more upside potential before entering a downtrend in this cycle.

"I believe there is over a 50% chance that Bitcoin will reach the $140,000 to $150,000 range this year, and then we will see another bear market next year," McClurg said in an interview with CNBC on Friday. As of the time of writing, Bitcoin (BTC) is trading at $117,867, and reaching that range would represent a 19% to 27% increase, according to CoinMarketCap data.

McClurg warned of a broader economic bear market in the future, expressing a lack of confidence in the macroeconomic outlook.

"I completely dislike the economic situation right now," he said, believing the Federal Reserve should have cut rates in the last two meetings. He expects rate cuts in both September and October. Similarly, according to the CME FedWatch Tool, market participants are pricing in a 92.5% probability of a rate cut by the Fed in September.

McClurg attributed much of the recent price movement of Bitcoin to the inflow of funds into spot Bitcoin ETFs and purchases by treasury companies. "That's the real driver of the price," he said.

"We're seeing a massive influx of capital, not just from small institutions but also from large sovereign wealth funds, and we're seeing insurance companies inquiring about related issues," he explained.

While McClurg expects treasury company purchases to peak in the coming months, he acknowledged that their impact has already been significant.

Other Bitcoin supporters disagree with the view of another bear market. Strategy Executive Chairman Michael Saylor stated in an interview on June 11, "The winter is not coming back."

"We've passed that stage; if Bitcoin doesn't go to zero, then it will go to $1 million," Saylor said.

Meanwhile, Bitwise Chief Investment Officer Matt Hougan stated that he does not believe the bull market will slow down anytime soon.

"I bet 2026 will be a year of growth," Hougan said in a video on X on July 26. "I generally think we are going to have a great few years," Hougan added.

Related: Will China's stimulus policy ignite altcoins? Analyzing the crypto market amid global recession concerns.

Original: “Canary CEO: Bitcoin (BTC) has a ‘greater than 50%’ chance of hitting $150,000 before next year’s bear market”

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