Bitcoin may have more room to climb before a potential downturn, according to Canary Capital CEO Steven McClurg. Speaking in a CNBC interview on Friday, McClurg said he sees a “greater than 50% chance Bitcoin goes to the 140 to 150 range this year before we see another bear market next year.”
At the time, Bitcoin was trading at $117,867, leaving an upside of around 19% to 27% if it reaches his target.
McClurg tied Bitcoin’s recent momentum largely to inflows into spot Bitcoin ETFs and buying activity from treasury firms. “That’s what is really driving price,” he said, adding that large sovereign wealth funds and insurance companies are also showing increasing interest. He believes treasury allocations may peak in the coming months, but acknowledged their role has been significant in pushing Bitcoin higher.
Despite his bullish short-term view, McClurg warned of risks in the broader economy. He expressed concern over rising debt burdens, pointing out that student loan defaults are now higher than in 2009, while credit card and mortgage defaults are also climbing.
“I don’t like the economic standing at all right now,” he said, noting that he expects the U.S. Federal Reserve to cut rates in September and October. According to CME’s FedWatch tool, markets are already pricing in a more than 90% chance of a September cut.
McClurg also discussed developments around crypto ETFs. He pointed out that the SEC is working on a generic listing framework, which could make it simpler for altcoin ETFs to launch.
This move may pave the way for products linked to assets such as XRP and Litecoin as early as later this year. His firm has also filed for staked crypto ETFs, including a staked Tron ETF, aimed at generating and distributing yield to investors.
On Ethereum, however, McClurg was less enthusiastic. He described the network as “outdated technology” compared to newer protocols and suggested it is unlikely to see fresh all-time highs. By contrast, he sees renewed potential in Litecoin, calling it the “silver to Bitcoin’s gold” and praising founder Charlie Lee’s recent efforts to strengthen the network.
While McClurg cautioned that a bear market across the economy could emerge in 2026, he stressed that easier monetary policy and institutional flows may still push Bitcoin to fresh records in the coming months.
