Bitcoin has "more than a 50% chance" of reaching $150,000 before the bear market arrives, according to an executive
The warning about the bear market from Canary Capital CEO Steven McClurg comes at a time when other industry executives do not expect a sharper decline in Bitcoin in the short term.
“I believe there is more than a 50% chance that Bitcoin will reach the range of $140,000 to $150,000 this year before we see another bear market next year,” McClurg stated during an interview with CNBC on Friday. At the time of publication, Bitcoin
BTC
€98,538
is trading at $117,867, which means that a move toward that range would represent gains of between 19% and 27%, according to CoinMarketCap.
McClurg is concerned about the current economy
McClurg warned of a broader economic bear market in the future and stated that he does not trust the macroeconomic outlook.
“I don’t like the current economic situation at all,” he said, arguing that the U.S. Federal Reserve should have already cut rates in its last two meetings. He expects rate cuts to occur in both September and October. Similarly, market participants are pricing in a 92.5% chance that the Fed will cut rates in September, according to the CME Watch Tool.
McClurg attributed most of the recent price movement of BTC to the inflows of spot Bitcoin ETFs and purchases by companies with treasury in Bitcoin. “That’s what is really driving the price,” he stated.
“We are seeing the inflow of large allocations, not just from small institutions, but also from large sovereign funds, and we see insurance companies asking questions,” he explained.
Michael Saylor has a completely different outlook
Although McClurg expects that purchases by companies with treasury in Bitcoin will peak in the coming months, he acknowledged that their impact has been significant.
