Canary Capital chief investment officer Steven McClurg has projected a greater than 50% probability that Bitcoin’s price will reach the $140,000 to $150,000 range before the onset of the next downtrend. Speaking on a major financial news network, McClurg cited robust spot Bitcoin ETF inflows, corporate treasury purchases and sovereign wealth fund allocations as primary drivers of current price momentum.
At the time of the interview, Bitcoin was trading at $117,867, reflecting a gain of more than 3% in recent sessions. Inflows into spot Bitcoin exchange-traded funds have exceeded $700 million over the past week, according to proprietary data. McClurg attributed a significant portion of these flows to institutional investors seeking regulated exposure, particularly as regulatory clarity evolves.
“Large allocations are coming not only from small institutions but from major sovereign wealth funds and insurance companies,” said McClurg. He noted that rising demand from non-traditional market participants underscores a structural shift in Bitcoin’s investor base, potentially offering price support during periods of macroeconomic uncertainty.
Despite the bullish forecast, McClurg cautioned that macroeconomic headwinds could trigger a broader market downturn. He expressed skepticism about the Federal Reserve’s current policy stance and argued that anticipated rate cuts in September and October may not materialize as expected, potentially denting risk-asset performance.
“While momentum is strong, the probability of a bear market remains meaningful given economic imbalances and elevated valuations,” McClurg warned. He emphasized the importance of risk management strategies, including diversified portfolio hedges and dynamic position sizing, to navigate potential volatility spikes.
In contrast, other influential voices in the cryptocurrency industry maintain a more bullish outlook. MicroStrategy chairman Michael Saylor has publicly stated that “if Bitcoin is not going to zero, it’s going to $1 million,” reflecting an unwavering conviction in Bitcoin’s long-term value proposition. Bitwise head of research Matt Hougan similarly forecasts continued upside, betting on sustained institutional adoption and technology advancements.
Market analysts highlight that equity-linked demand and corporate treasury strategies have emerged as key tailwinds, adding new layers of demand beyond traditional retail and proprietary trading desks. Nonetheless, questions remain regarding liquidity depth, derivative positioning and regulatory developments, all of which could influence price trajectory.
Looking ahead, McClurg recommended close monitoring of on-chain metrics, including exchange outflows, large wallet movements and derivative open interest. He also underscored the need to assess macro indicators such as inflation data, credit spreads and central bank communications for signals of shifting risk appetite. Bond market dynamics and currency fluctuations may further compound market nervousness. In the event of a policy surprise or geopolitical shock, Bitcoin’s correlation with risk assets could intensify, leading to sharp repricing before the next accumulation phase begins.
Overall, McClurg’s dual outlook balances near-term upside potential with caution around economic cycles. The assertion that Bitcoin may surpass $150,000 before a bear market reflects confidence in institutional demand fundamentals, yet remains tempered by pragmatic risk considerations.
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