Stephen McClurg, CEO of Canary Capital, said there is no buy signal now and cryptocurrency prices could fall further into October. He projected that the market would bottom in October and then stage a recovery through 2027. He sees Bitcoin possibly hitting as high as $200,000–$250,000 and XRP around $10. During the downturn, he advised holding cash and focusing on assets with real-use cases, such as tokenization or stablecoin issuance, and altcoin ETFs with clear value.
The downturn is attributed to two factors: the four-year halving cycle and macroeconomic headwinds that could weigh on crypto, equities, and precious metals. He noted that Bitcoin’s price tends to move in cycles after halving, and warned that macro stress, including high delinquency rates on consumer debt, could pressure risk assets. He estimated that the crypto bottom could arrive in October this year. He added that staying cash-heavy through the summer is prudent.
His long-term view remains optimistic, arguing that the bear cycle could end by year-end and a strong bull run could begin in 2027, with Bitcoin potentially reaching $200,000–$250,000 and XRP up to $10. He framed his investment approach around practicality, favoring assets with tangible real-world use cases and avoiding pure speculative bets. Canary Capital’s focus on altcoin ETFs reflects that approach, he said, noting coins with clear use cases like Ripple and Hedera could survive. McClurg also highlighted the importance of the Korean market, citing strong domestic investor interest and the potential for global impact if Korea approves a spot crypto ETF.
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