According to Blockworks, Steven McClurg, CEO of Canary Capital, has expressed optimism about Bitcoin's potential to reach $120,000 by Christmas.
Despite Bitcoin's recent struggle to maintain a six-figure value, McClurg remains hopeful that a rally is possible. He suggests that even if the $120,000 target is not achieved by Christmas, it could be reached before the end of the year.
McClurg's prediction aligns closely with that of John Glover from Ledn, who has set a similar price target. However, some analysts, like K33's Vetle Lunde, have raised concerns about a potential turning point for Bitcoin in late January.
Lunde notes that historically, Bitcoin's peak occurs around 318 days after its first cycle all-time high, which could coincide with significant political events such as a presidential inauguration.
McClurg, however, does not anticipate a market peak next month. He suggests that the peak could occur between June and October, based on Bitcoin's historical performance following a new president's inauguration. He also believes that Bitcoin's price movements will increasingly align with broader macroeconomic cycles rather than the traditional four-year cycle.
Upcoming macroeconomic events, such as the November Consumer Price Index (CPI) release and the Federal Reserve meeting, could influence Bitcoin's price. These events may have either a positive or negative impact, depending on the data and statements released. Despite potential fluctuations between the upper $90,000s and $100,000, McClurg remains optimistic about Bitcoin's prospects, especially with the holiday season approaching.
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