Bitcoin ($BTC) has fallen back to around $67,000 after recovering above $70,000.
While Bitcoin continues to experience volatile price movements, the CEO of Canary Capital stated that a rally will occur by the end of the year, but before that, the $BTC price will fall to $50,000.
Speaking to Korea Economic Daily, Canary Capital CEO Steven McClurg warned that Bitcoin is likely to remain in a correction phase until the second half of the year.
According to the renowned CEO, Bitcoin may experience a correction to $50,000 before rebounding in the second half of the year.
McClurg stated that Bitcoin moves within a four-year cycle and is currently in the downward phase of that cycle.
At this point, McClurg noted that $BTC peaked last October and would remain in a downtrend for approximately a year.
“The Bitcoin and cryptocurrency market moves in four-year cycles. According to this cycle theory, Bitcoin reached its peak of $126,000 last October. After that, I predict the market will remain in a downtrend for about a year.”
McClurg argues that the crypto market will begin to recover and stabilize as market leverage decreases and these funds are redistributed, expecting this turnaround and potential bottom to occur in September or October.
“Starting later this year, when the downtrend ends, we could see a strong bull market extending into 2027. At that point, Bitcoin could reach $200,000 to $250,000; and $XRP could reach $10.”
The CEO of Canary Capital concluded by stating that only altcoins with clear use cases will survive the downturn, citing $XRP and Hedera (HBAR) as examples. “Ripple is a financial platform, while Hedera specializes in institutional solutions,” he said.
*This is not investment advice.
