Bitcoin Price Target Set at $120,000 by Christmas
This is a segment from the Empire newsletter.
Bitcoin Price Predictions
Steven McClurg, CEO of Canary Capital, predicts Bitcoin could reach $120,000 by Christmas due to strong demand for Bitcoin and Bitcoin ETFs. Currently, Bitcoin trades below $100,000 and has struggled to break this barrier.
McClurg believes a rally is possible, stating that if $120,000 isn't reached by Christmas, it may occur before the new year. His price target aligns closely with Ledn’s John Glover's estimate.
Analysts are considering late January as a potential turning point for Bitcoin. K33’s Vetle Lunde suggests that historical patterns indicate a peak around January 17, coinciding with Trump's inauguration on January 20.
Contrary to this view, McClurg anticipates a market peak between June and October, based on Bitcoin's historical performance following presidential elections. He also notes that while the four-year cycle remains relevant, Bitcoin will increasingly align with broader macroeconomic cycles.
Upcoming macro events, including the November CPI report and the Federal Reserve meeting, may significantly impact Bitcoin's trajectory. Fluctuations between the upper $90,000s and $100,000 are expected in the near term.
Despite current challenges, McClurg remains optimistic about a potential surge in Bitcoin's price during the holiday season.