Bitcoin Faces Potential 35% Drop, Analyst Warns
A leading market analyst is predicting a significant downturn for Bitcoin, forecasting a potential price decline to $70,000 or lower after a recent fall from its peak.
Jon Glover, Elliott Wave analyst and Chief Investment Officer at Ledn, believes the bull market that began in early 2023 has ended, following a drop from $126,000 to $104,000. Glover now anticipates a sustained bear market lasting until at least late 2026, potentially pushing prices down by more than 35% from the current rate of around $108,000. “I firmly believe we have completed the five-wave upward move and are now entering a bear market,” Glover stated. He expects Bitcoin to trade between $70,000 and $80,000, and possibly even lower.
Glover’s analysis is based on the Elliott Wave theory, which suggests that market movements follow predictable cycles. He notes that Bitcoin’s bullish five-wave pattern, which began in late 2022, culminated earlier this month. Supporting his bearish outlook, data from Amberdata shows increased demand for put options, indicating traders are preparing for potential downside risks extending into 2026. This comes after the most recent Bitcoin halving event in April 2024, which historically precedes bear markets.
The potential for a significant price correction could impact investor confidence and trading volume in the broader cryptocurrency market. Glover acknowledged a slight retest of previous highs around $124,000 is possible, but maintains the overall trend has shifted bearish. Officials are monitoring the situation closely for potential systemic risks.
