Bitcoin has a 'greater than 50% chance' of reaching $150K before the bear market📈
Bitcoin has a 'greater than 50% chance' of reaching $150K before a bear market begins. Bitcoin may have no more than 27% growth potential in this cycle before entering a downtrend, according to Canary Capital CEO Stephen McClarg.
"I think there is more than a 50% chance that Bitcoin will reach the range of 140 to 150 thousand dollars this year before we see a new bear market next year," McClarg said in an interview with CNBC on Friday. At the time of publication, Bitcoin $BTC is trading at $115,281, which means moving to this range would represent a gain of 19% to 27%, according to CoinMarketCap.
McClarg is now afraid of the economy
McClarg warned of a broader economic bear market ahead, saying he is uncertain about the macroeconomic outlook.
"I really don't like the economic situation right now," he said, claiming that the U.S. Federal Reserve should have already cut rates at the last two meetings. He expects rate cuts to happen in September and October. Similarly, market participants assess the probability of a Fed rate cut in September at 92.5%, according to the CME Watch tool.
Stephen McClarg from Canary Capital appeared on CNBC Crypto World on Friday. Source: CNBC
McClarg attributed most of Bitcoin's recent price movements to inflows from Bitcoin spot ETFs and treasury purchases. "That's what really drives the price," he said.
"We are seeing large investments coming not only from small institutions but also from major sovereign funds; we see insurance companies asking questions," he explained.
Michael Saylor has a completely different forecast
Although McClarg expects treasury purchases to peak in the coming months, he acknowledged that their impact has been significant.
Other Bitcoin supporters disagree with the idea of a new bear market. Executive Chairman of strategic company Michael Saylor said in an interview on June 11 that "Winter will not return."
"We have already passed that phase; if Bitcoin doesn't drop to zero, it will reach 1 million dollars," Saylor said.
Meanwhile, Bitwise Chief Investment Officer Matt Hogan said he does not expect the bull market to slow down anytime soon.
"I bet that 2026 will be a year of growth," Hogan said in a video on X on July 26. "Overall, I think we have a good few years ahead of us," Hogan added.
