Stephen McClurg, CEO of Canary Capital, stated in an interview with CNBC that Bitcoin has a 50% probability of reaching between $140,000 and $150,000 before the end of 2025. However, he predicted that a bear market could follow as early as 2026.
According to McClurg, the current rally is largely fueled by inflows into Bitcoin ETFs and a growing base of institutional investors. These include sovereign wealth funds, pension funds, and corporate treasuries. Such demand, he explained, continues to push prices higher and reinforces Bitcoin’s position as a primary store of value in digital cryptomarkets.
ETFs and Institutional Demand
The comments came shortly after Canary Capital filed several applications in the United States for exchange-traded funds tied to altcoins. Notably, the list excluded Ethereum-based products.
McClurg was explicit in his criticism of Ethereum, calling it an outdated network that struggles to compete with faster and more cost-efficient blockchains such as Solana and Sui. He forecast that Ethereum is unlikely to reach a new all-time high during the current cycle, even though it approached record levels earlier in August.
Views on Competing Assets
While distancing himself from Ethereum, McClurg acknowledged the project’s strong progress in its early years but argued that it has lost momentum against newer protocols. He also suggested that Litecoin could see renewed relevance in the market, comparing its role to silver in contrast to Bitcoin’s positioning as digital gold.
This perspective aligns with broader market predictions that alternative blockchains offering speed, scalability, and lower fees may gain relative strength during the next growth cycle.
Seasonal Trends and Risk Factors
McClurg cautioned investors about short-term volatility. He noted that August has historically been a weak month for high-risk assets, particularly cryptocurrencies, while September and October have often provided stronger performance. This seasonal forecast highlights the importance of timing in managing exposure during periods of heightened uncertainty.
Key Support Levels
Analysts outside Canary share similar caution. Michaël van de Poppe, founder of MN Trading, recently identified $121,000 as a critical support threshold for Bitcoin. He suggested that a confirmed rebound from this level would be essential to sustain the upward momentum in the months ahead.
