Canary Capital CEO Claims Bitcoin Will Reach This Point and Then Experience a Major Bear Market
Canary Capital CEO Steven McClurg told CNBC Crypto World that a $140,000-$150,000 range is possible for Bitcoin (BTC) by the end of the year, but a full-scale bear market could occur in 2026.
McClurg stated that one of the main reasons for the rise in Bitcoin's price is strong institutional inflows into spot ETFs. He noted that large investment funds, as well as some sovereign wealth funds, pension funds, and insurance companies, have also shown interest in Bitcoin.
McClurg also highlighted advances in crypto regulation in the US, stating that altcoin ETFs could launch next September or October thanks to the SEC's new “general listing standards.” He also described the passage of the stablecoin regulatory law as a turning point for the industry.
McClurg said that Bitcoin could rise to $150,000 if the FED cuts interest rates, but added that increasing credit card, student loan and mortgage defaults would weaken consumer demand in the US economy and pave the way for a bear market in 2026.
McClurg, who argued that they were cautious about Ethereum and that the technology was outdated, announced that they had applied for a spot ETF for Litecoin. “Litecoin has always been considered the silver of Bitcoin,” McClurg said. “Thanks to code updates and Ordinals integration, it's regaining its strength.”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Musk on chip production: China's large-scale manufacturing capacity often exceeds the sum of all other regions worldwide
After ChangXin Memory Technologies announced a key breakthrough in DDR5 server memory, the Philadelphia Semiconductor Index in the US stock market fell 2.7% overnight, with shares such as Micron and SK Hynix ADR dropping collectively. Musk commented on this trend, saying that when China figures out the manufacturing method of a product, its ability to scale production often exceeds that of the rest of the world combined, and stated that "China seems to be rapidly conquering" general standard specifications such as LP5 and LP6.
IREN reports $702.6 million net loss despite $4 billion in AI cloud contracts
The current AI frenzy: featuring both "Tech and Internet" and "Real Estate" bubble characteristics, reminiscent of the 2008 global capital cycle
This wave of the AI boom exhibits dual characteristics: On a micro level, the heavy-asset nature of AI data centers is driving the industry toward "real estate-like" debt financing models, such as corporate bonds, private credit, and computing power ABS. On a macro level, nearly $2 trillion in overseas excess savings is flowing into core AI assets in the U.S. stock market through private institutions, reconstructing a transnational capital cycle reminiscent of the period before the 2008 subprime mortgage crisis. With nearly $3 trillion in off-balance sheet debt and rising interest rates, the industry is facing an impending major liquidity test.
AI Trading Faces a "Vulnerable Moment"! Japan and South Korea Stock Markets Experience "Black Tuesday" as SK Hynix, Samsung, and SoftBank Plunge Together
On Tuesday, Asian tech stocks faced a new round of systemic sell-off as the overnight weakness in the US semiconductor sector spread to the Asia-Pacific market. Concerns intensified over increasingly fierce competition due to the technological breakthrough by Chinese memory chip manufacturer ChangXin Memory Technologies, as well as worries about the returns on AI capital expenditure and the overall financing environment.
Crypto prices
More
