Will Bitcoin Enter a Bear Market Next Year? Veteran Warns: No Confidence in Macro Outlook

Steven McClurg, CEO of crypto asset management firm Canary Capital, stated last week that Bitcoin could rise as high as $150,000 during this bull cycle before entering a downward trend.

The primary reason behind his prediction is his pessimistic outlook on the macroeconomic landscape. Therefore, not only will Bitcoin face another bear market next year, but a broader economic downturn is also imminent.

Bitcoin’s current price hovers around $115,800, leaving approximately 30% upside to reach the predicted $150,000. McClurg believes there is a more than 50% chance Bitcoin will climb to the $140,000–$150,000 range this year.

He attributes the recent Bitcoin price surge mainly to inflows into spot Bitcoin ETFs and asset management firms purchasing digital currencies. Not only have smaller institutions joined the crypto buying wave, but large sovereign wealth funds are also participating—this is the real driver behind the price increase.

Additionally, he warns that Ethereum is an outdated network. Despite Ethereum being one of the top-performing crypto tokens in recent weeks, newer blockchains like Solana and Sui have surpassed it technologically. Thus, he expects Ethereum to gradually decline, with its price unlikely to reach new highs again.

In June, Michael Saylor, Executive Chairman of Strategy, predicted that as long as Bitcoin’s price doesn’t drop to zero, it will eventually reach $1 million. Bitcoin has already broken through, and "winter" will not return.

Matt Hougan, Chief Investment Officer of Bitwise, also believes the digital currency bull market will not slow down anytime soon. He maintains that 2026 will be another year of continued growth, and this upward trend will persist for several years.

Greg Magadini, Director of Derivatives at Amberdata, points out that while some call Ethereum outdated, it has a developer ecosystem—much like the iPhone platform—that allows developers to build applications directly on its infrastructure. These network effects will only continue to accumulate.

Based on this, Magadini expects Ethereum’s price to follow Bitcoin’s rise, potentially reaching the $8,000–$10,000 range. However, he also agrees that Bitcoin could surpass $150,000 this year, driven by inflation hedging and shifts in investor risk appetite.

He states that Bitcoin now resembles a hybrid of digital gold and a risk asset. Against the backdrop of a rising stock market and the Federal Reserve facing pressure to cut interest rates, this asset is being driven by both sentiments simultaneously.