Bitcoin ($BTC) rose above $70,000 and then fell to around $67,000.
Bitcoin continues to experience volatile price fluctuations, but Canary Capital’s CEO said a rally will occur by the end of the year, but before that. $BTC The price drops to $50,000.
Canary Capital CEO Stephen McClurg warned in an interview with the Korean Economic Newspaper that Bitcoin is likely to remain in a correction phase until the second half of this year.
Bitcoin could correct to $50,000 before rebounding in the second half of this year, according to a prominent CEO.
McClurg said Bitcoin fluctuates on a four-year cycle and is currently in the down phase of that cycle.
At this point, McClurg pointed out that: $BTC It reached its peak in October last year, and will continue to decline for about a year thereafter.
“The Bitcoin and cryptocurrency markets move in four-year cycles. According to this cycle theory, Bitcoin reached a peak of $126,000 last October. After that, I predict that the market will continue its downward trend for about a year.”
McClurg argues that the crypto market will begin to recover and stabilize as market leverage decreases and capital is redistributed, and he expects this upturn and potential bottom to occur in September or October.
“After the downtrend ends later this year, a strong bull market could continue until 2027, at which point Bitcoin could reach $200,000 to $250,000. $XRP It can reach $10. ”
The CEO of Canary Capital concluded by stating that only altcoins with clear use cases can survive the downturn. $XRP An example is Hedera (HBAR). “Ripple is a financial platform, whereas Hedera specializes in institutional solutions,” he said.
*This is not investment advice.