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- Bitcoin could peak at $140K–$150K before a downturn, says Steven McClurg.
- Macro risks and Fed rate cuts loom large in market sentiment.
- Saylor and Hougan remain bullish, rejecting a near-term bear market.
Bitcoin may have only limited upside left before entering a new bear phase, according to Canary Capital CEO Steven McClurg. His cautionary outlook contrasts with more bullish views from industry leaders such as Michael Saylor and Bitwise’s Matt Hougan, underscoring a widening divide over the crypto market’s next direction.
Bitcoin Upside May Be Capped at 27%
McClurg told CNBC that Bitcoin could climb to the $140,000–$150,000 range this year, representing gains of 19%–27% from its current trading level of $117,867. However, he warned that such a move may mark the cycle’s top before a broader downturn sets in next year.
“I think there is a greater than 50% chance Bitcoin goes to that range before we see another bear market,” McClurg said.
Macroeconomic Concerns Drive Skepticism
The Canary Capital executive also cited weakness in the U.S. economy as a key risk factor. He criticized the Federal Reserve for delaying interest rate cuts and predicted easing in both September and October. Current market data from the CME FedWatch Tool shows a 92.5% probability of a September cut.
McClurg attributed much of Bitcoin’s rally to spot ETF inflows and institutional allocations, including treasury purchases, sovereign wealth funds, and insurance companies. “That’s what is really driving price,” he said, cautioning that such demand may peak in the months ahead.
Saylor and Hougan Push Back on Bear Market Call
Not all crypto leaders share McClurg’s pessimism. MicroStrategy’s Michael Saylor dismissed the notion of another winter, declaring: “If Bitcoin’s not going to zero, it’s going to $1 million.”
Bitwise CIO Matt Hougan also struck an optimistic tone, stating he doesn’t expect a slowdown before 2026. “I broadly think we’re in for a good few years,” Hougan said in late July.
McClurg’s warning highlights growing uncertainty about Bitcoin’s trajectory as it flirts with new highs. With some predicting imminent downside and others envisioning multi-year gains, the divide underscores how much Bitcoin’s next chapter depends on macroeconomic shifts, Fed policy, and the durability of institutional demand.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
