Bitcoin enthusiasts, brace yourselves for a bumpy ride.
Jon Glover, a well-regarded Elliott Wave analyst and the Chief Investment Officer at Ledn, is challenging the optimistic outlook with a stark prediction: The bitcoin bull run that started in early 2023 seems to have concluded after its recent decline from $126,000 to $104,000.
Glover anticipates an enduring bear market that could drive prices down to $70,000 or even lower—a potential decrease of over 35% from the current market price of approximately $108,000.
“I am convinced we have completed the five-wave upward trajectory and are now entering a bearish phase that might persist until at least late 2026,” Glover stated. “I foresee bitcoin trading between $70K and $80K or potentially dropping further.”
He elaborated that although there remains a possibility for bitcoin to revisit its peak around $124,000 or slightly exceed it, the overall trend has turned bearish. This suggests prices are likely to be lower in upcoming months.
The Elliott Wave Theory
Elliott Wave Theory was introduced by Ralph Nelson Elliott in 1938. It posits that investor psychology moves through predictable cycles forming five-wave patterns aligned with major trends—three impulse waves followed by two corrective ones.
The bullish five-wave pattern for Bitcoin began in late 2022 when prices were under $20,000 and reached its zenith above $126,000 earlier this month during wave five’s peak.
Initially projected by Glover back in August amid rising bearish concerns due to sharp declines from $120k-$112k levels; wave five was expected initially bringing values up between ranges of about mid-$140ks nearing year-end expectations prior surging past anticipated benchmarks stalling momentum beyond reaching heights surpassing those forecasts prompting warnings regarding inability maintaining support levels thereby weakening bullish case ultimately resulting tumbling towards lows confirming premature end previous rally period noted last week around point marked approximately hundred-five-thousand-dollar threshold value indicating significant downturn present context analysis basis offered insight provided perspective detailed herein conclusion reached calling into question viability continuation ongoing growth cycle observed thus far suggesting need reevaluation strategy moving forward given circumstances outlined above related developments affecting broader financial landscape 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