Canary Capital CEO sees BTC correcting to $50K before year-end rally

Bitcoin could see a correction to $50,000 before turning bullish in the second half of the year and potentially surpassing $200,000, according to Steven McClurg, CEO of crypto asset manager Canary Capital. In an interview with The Korea Economic Daily TV, McClurg explained that BTC peaked last October and is currently in a downward phase of its cycle. He suggested the crypto market will begin to rebound once market leverage decreases and those funds are redeployed, leading to stabilization. McClurg believes this turnaround is likely to occur around September or October.