Steven McClarg made a forecast for the price of Bitcoin by the end of the year. According to the entrepreneur, the likelihood of the first cryptocurrency continuing its bullish trend exceeds 50%, as there remains significant demand from large companies for spot Bitcoin ETFs.
McClarg added that after Bitcoin reaches a new high, it is likely that the market will enter a correction phase next year. Currently, the asset's quotes will not show serious growth, as August is considered a weak period for the coin. However, by the end of September, a resumption of the growth momentum of the first cryptocurrency is expected, which will last until the end of the year.
In addition, McClarg criticized Ethereum, calling it outdated compared to other blockchains.
"I’m not a big fan of Ethereum simply because it’s old technology. There are many other protocols that are faster, cheaper for transactions, and fundamentally more secure." He noted that the price of Ether will inevitably go down and will not be able to reach a new historical maximum within the current market cycle.
