Author: Katherine Ross, Blockworks; Compiled by Bai Shui, Jinse Finance
Bitcoin may reach $120,000 by Christmas.
According to Steven McClurg, CEO of Canary Capital.
"People have a lot of interest in Bitcoin and Bitcoin ETFs," which could fuel Bitcoin's rise, he added.
I won't sugarcoat it. This rally looks difficult at the moment. Last weekend, Bitcoin was mostly below six figures, unable to reach and maintain $100,000.
But McClurg told me that all the work he's done makes him believe a rebound is likely. Even if it doesn't reach $120,000, he hopes it's just a matter of when, not if, we'll see that number.
And, if we don't see that figure before Christmas, he's quite confident we'll see it before the new year arrives.
Keep in mind, McClurg's price target is very similar (just $5,000 off) to Ledn's John Glover's target price.
See how much progress we've made this year
As I wrote last week, some analysts are concerned that late January could mark a turning point for Bitcoin.
Vetle Lunde of K33 wrote in a report: "The average distance between the first cycle ATH and the final ATH in the past three cycles is 318 days. Assuming the average trajectory holds, the peak would occur on January 17th. Given that Trump's inauguration is on January 20th, this is not impossible."
McClurg doesn't think we'll see the market peak next month. Instead, he believes it could last anytime from June to October, particularly based on the fact that Bitcoin has historically run about six months after a new president takes office.
When I asked if the four-year cycle would continue to move forward, McClurg said yes... but a bit differently.
"I believe this cycle will still exist, but that said, over time, Bitcoin will begin to more closely track broader macroeconomic cycles rather than the typical four-year cycle," he told me.
Now, this is worth noting, because we're about to see some macro events. Not only will we have the critical November CPI this week, but we'll also have the Fed meeting next week. Both of these could have a positive (or negative, depending on the data and rhetoric) impact on Bitcoin.
It seems inevitable to continue fluctuating between $90,000 and $100,000.
But who knows. The arrival of the holidays could make the market feel festive and bright, with a $120,000 rally just around the corner.
