Bitcoin may still have room to rally before a significant downturn, according to John Glover, CIO at crypto firm Ledn, who believes the asset is currently in the third wave (wave iii) of a classic five-wave Elliott pattern. Despite a recent 4% dip, pushing BTC below $112,000, Glover expects the correction to be short-lived and part of a “typical retracement.”
According to Glover, long-term holders took profits near the $120,000 mark, leading to the recent pullback—echoed by similar drops in crypto stocks like MicroStrategy and Coinbase. However, momentum remains intact.
Glover predicts Bitcoin will reach $130,000 in the coming weeks, possibly dip back to $110,000, and then surge toward a cycle peak of $140,000 by the end of 2025.
The Elliott Wave Theory, which uses psychological patterns to map market cycles, indicates that BTC is still mid-rally. After wave v, Glover anticipates a new bear market starting in 2026, rejecting sky-high $250K+ predictions.
This technical outlook adds a structured narrative to Bitcoin’s price movement, aligning long-term strategy with psychological market cycles.
You might also like: Credix Hack Wipes $4.5M: Inside the DeFi Admin Breach That No One Saw Coming
