Senior experts warn: Bitcoin will enter a bear market next year

Steven McClurg, CEO of Canary Capital, a cryptocurrency asset management company, stated last week that the price of Bitcoin could climb up to $150000 during this upward cycle before entering a downward phase.

His main basis for making this judgment is his pessimistic attitude towards the macroeconomic outlook. McLaugh believes that not only will Bitcoin fall into a bear market again next year, but a wide range of economic sectors will also experience a bear market.

At present, the price of Bitcoin is hovering around $115800, with about 30% room for increase from the predicted price of $150000. McLaugh believes that the likelihood of Bitcoin prices rising to the $140000 to $150000 range this year is over 50%.

He also pointed out that the recent rise in Bitcoin prices is mainly attributed to the inflow of funds from spot Bitcoin ETFs and the behavior of fund management companies purchasing digital currencies. Not only have small institutions joined the cryptocurrency buying frenzy, but large sovereign wealth funds have also actively participated, which is the real driving force behind the rise in Bitcoin prices.

In addition, McLaugh warned that the Ethereum network is outdated. Although Ethereum has become one of the biggest rising cryptocurrency tokens in recent weeks, new blockchains like Solana and Sui have already surpassed it technologically. Therefore, he expects Ethereum to gradually decline and its price may not be able to reach new highs.

Contrary view: Market participants do not agree with the bear market theory
McLaugh’s views on Bitcoin and Ethereum appear quite pessimistic in the current market environment, and many market participants do not agree with his bearish views.

Michael Saylor, Executive Chairman of Strategy, predicted in June that as long as the price of Bitcoin does not fall to zero, it will rise to $1 million. He stated that Bitcoin has achieved a significant breakthrough and the ‘winter’ will no longer come.

Bitwise Chief Investment Officer Matt Hougan also believes that the bull market in digital currencies will not slow down soon. He firmly believes that digital currency prices will continue to rise in 2026, and this upward trend will continue for several years.

Greg Magadini, Director of Derivatives at Amberdata, pointed out that despite some calling Ethereum an outdated technology, Ethereum has a developer ecosystem that, like the iPhone platform, allows developers to build applications directly on its infrastructure. This network effect will only continue to strengthen.

Based on this, Magatini expects Ethereum prices to continue to follow Bitcoin’s rise, with the potential to reach the $8000 to $10000 range. However, he also agrees that Bitcoin is expected to surpass $150000 this year, which is related to hedging against inflation risks and changing investor risk preferences.
He said that Bitcoin is now like a mixture of digital gold and risky assets. Against the backdrop of rising stock markets and pressure from the Federal Reserve to cut interest rates, Bitcoin is being driven by a combination of two market emotions.