The Midlands side are currently seven points clear at the top of the table following a run of 10 wins in their last 12 games, including a 1-0 win over the Tractor Boys on Saturday afternoon.
McCarthy won promotion to the Premier League with Wolves as champions in 2009, and has backed Nuno Espirito Santo to repeat the achievement this term.
"Wolves are a very good side. What impresses me about them most is that they do get 1-0 wins," he told reporters after the game, which saw Ivan Cavaleiro claim the winner late in the first half.
"It doesn't have to be fours or fives all the time with the good players that they've got. They scrap it out as well.
"I think they will go up. They will probably spend in the window as well. It's a bonkers squad compared to some."
McCarthy's Ipswich, meanwhile, are 10th in the table and just three points off the playoffs at the halfway stage of the campaign.