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Need some holiday cheer this Monday morning? Don’t worry, I’ve got you: Bitcoin at $120,000 could be a thing by Christmas.
Or so Steven McClurg, Canary Capital CEO, thinks.
“There’s a lot of appetite” for bitcoin and bitcoin ETFs, which could fuel the run, he added.
I’m not going to sugarcoat it. That type of run looks tough right now. Over the weekend, bitcoin mostly sat below six figures, unable to take — and hold — $100k.
But McClurg told me all of the work he’s done has led him to believe that a rally could happen. And even if $120,000 remains elusive into the next year, he’s hopeful that it’s a matter of when we see it rather than if.
And, if we don’t see that number by Christmas, he’s fairly certain we’ll see it before we ring in the new year.
Keep in mind, McClurg’s price target is fairly similar (a mere $5k short) to Ledn’s John Glover’s PT.
Just look at how far we’ve come this year
As I wrote last week, some analysts are concerned that late January could mark a turning point for bitcoin.
K33’s Vetle Lunde, in a note, wrote: “The average distance between BTC’s first cycle ATH and its last ATH during its past three cycles is 318 days. Under the assumption that average trajectories hold, a peak would occur on January 17. This is not unlikely, given that Trump’s inauguration will take place on January 20.”
McClurg doesn’t think we’ll see the market peak next month. Instead, he reckons it could last anywhere from June to October, which is specifically based on the fact that bitcoin historically runs for roughly six months after a new president takes office.
When I asked whether or not the four-year cycle will hold moving forward, McClurg said yes…with a twist.
“I believe that cycle will still be there, but that being said, bitcoin will begin to follow the broader macroeconomic cycle closer over time than the typical four-year cycle,” he told me.
Now this is important to note for a few reasons: We have a few macro events incoming. Not only are we getting the all-important November CPI this week, but we also have the Federal Reserve meeting next week. Both of which could have a positive (or negative, depending on the data and what’s said) impact for bitcoin.
It seems like it’ll be par for the course to see continued fluctuation between the upper $90k’s and $100k.
Still, who knows. The market could feel merry and bright in light of the holidays, and a $120k run is just around the corner.
