Author: Katherine Ross, Blockworks; Compiled by: White Water, Golden Finance

By Christmas, Bitcoin may reach $120,000.

Canary Capital CEO Steven McClurg thinks.

“There’s a lot of interest in Bitcoin and Bitcoin ETFs,” which could fuel Bitcoin’s rise, he added.

I will not sugarcoat the situation. This rise looks difficult at the moment. Over the weekend, Bitcoin was mostly below six figures, unable to reach and maintain $100,000.

But McClurg told me that all the work he had done led him to believe a rebound could happen. Even if it doesn't hit $120,000, he hopes it's just a matter of when we see it, not if.

And if we don't see that number before Christmas, he's pretty sure we'll see it before the New Year.

Keep in mind that McClurg's price target is very similar to that of Ledn's John Glover (just $5,000 different).

Look how far we have come this year

As I wrote last week, some analysts There are fears that late January could mark a turning point for Bitcoin.

K33’s Vetle Lunde wrote in a report: “Over the past three cycles, the average distance between BTC’s first cycle ATH and last cycle ATH was 318 days. Assuming an average trajectory Holding steady, the peak will be on January 17th, which is not out of the question considering Trump's inauguration is on January 20th."

McClurg doesn't think we'll get that next month. See market peaks. Instead, he believes it could last anywhere from June to October, specifically based on the fact that Bitcoin historically operates about six months after a new president takes office.

When I asked if the four-year cycle would continue moving forward, McClurg said yes...but with a twist.

“I believe this cycle will still exist, but having said that, over time Bitcoin will start to align more closely with the broader macroeconomic cycle than the typical four-year cycle,” he told me .

Now, this is worth noting, and here’s why: We have some macro events coming up. Not only do we have the all-important November CPI this week, but we also have the Fed meeting next week. Both of these could have a positive (or negative, depending on the data and narrative) impact on Bitcoin.

It seems natural to continue to fluctuate between $90,000 and $100,000.

But, who knows. The arrival of the holidays is likely to make the market feel cheerful and bright, and a run to $120,000 is just around the corner.