- Steven McClurg, the CEO of Canary Capital, predicts that Bitcoin has a better than 50% chance of reaching $140,000 to $150,000 this year, before a potential bear market in 2026.
- He attributes the rally to strong institutional demand, with major players like sovereign wealth funds and insurance companies showing interest in Bitcoin.
- McClurg holds a bearish view on Ethereum, calling it “old technology” and suggesting that newer, faster blockchains like Solana and Sui will eclipse it in the future.
Bitcoin’s march toward fresh highs could extend to US$150K (AU$230K) before the year is out, but Ethereum’s momentum may stall, according to Canary Capital chief executive Steven McClurg.
In a CNBC interview, McClurg argued there is a better-than-even chance BTC reaches the US$140K (AU$214K) – US$150K (AU$230K) band in 2025. That would represent gains of over 25% (yes, that far we’ve come).
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However, McClurg believes Bitcoin will give way to a bear phase in 2026. His outlook comes as Bitcoin just set a new all-time high at US$124.128 (AU$189.2K). Since then, the asset has ceded some land, now trading just above the US$117K level (AU$180K), according to CoinGecko data.
McClurg’s caution is tied less to crypto itself and more to the global economy; he criticised the Federal Reserve for delaying rate cuts, saying monetary easing should already have begun. He expects reductions in both September and October, a view that aligns with futures markets, which price in a 92.5% probability of a September cut via CME data.
For now, he sees ETFs and corporate treasuries as the key engines of price support:
We’re seeing large allocations coming in, not just from small institutions but from large sovereign wealth funds, we’re seeing insurance companies asking questions.
Steven McClurg, Canary CapitalBut McClurg was quite harsh on Ethereum, calling it an “old technology” whose best days are behind. Newer blockchains like Solana and Sui “are going to eclipse Ethereum” because they’re cheaper and faster, he said.
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