Canary Capital CEO Steven McClurg’s bear market warning comes as other industry executives don’t expect a sharper downturn for Bitcoin anytime soon.
Bitcoin may have no more than 27% upside left in this cycle before entering a downtrend, according to Canary Capital CEO Steven McClurg.
“I think there is a greater than 50% chance Bitcoin goes to the 140 to 150 range this year before we see another bear market next year,” McClurg said during a CNBC interview on Friday. At the time of publication, Bitcoin (BTC) is trading at $117,867, meaning a move into that range would represent gains of 19% to 27%, according to CoinMarketCap.
McClurg warned of a broader economic bear market ahead, saying he isn’t confident in the macroeconomic outlook.
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