Bitcoin Price Could Collapse to $70K or Lower as Bull Market Is Over: Elliott Wave Expert
The bitcoin market is on the cusp of a major downturn, with one expert predicting that prices could plummet to as low as $70,000 or lower. According to Jon Glover, Chief Investment Officer at Ledn and an Elliott Wave analyst, the bull run that began in early 2023 has come to an end.
Glover's warning is based on his analysis of the Elliot Wave structure, which suggests that the recent fall from $126,000 to $104,000 marks a significant turning point for the market. "The bull market is over," Glover said in a statement. "We are now entering a major bear market that could last until late 2026."
The implications of this downturn are far-reaching and potentially devastating for investors who have bet big on bitcoin's continued rise. According to data from CoinDesk, the total value of outstanding bitcoin has reached an all-time high of over $2 trillion, with many investors holding onto their coins in anticipation of further gains.
However, Glover's prediction suggests that this optimism may be misplaced. "The market is due for a correction," he said. "We are seeing a classic case of overbought conditions, and it's only a matter of time before prices begin to fall."
The economic impact of such a downturn could be significant. A collapse in bitcoin prices would not only wipe out billions of dollars in investor wealth but also have broader implications for the global economy. As a store of value and medium of exchange, bitcoin has become increasingly intertwined with traditional financial markets.
In recent months, we've seen a surge in institutional investment in bitcoin, with many major companies such as MicroStrategy and Tesla allocating significant portions of their balance sheets to the cryptocurrency. However, Glover's prediction suggests that these bets may be about to go sour.
"The bull market is over," Glover said. "We are now entering a period of significant uncertainty and volatility."
For investors who have bet big on bitcoin, this news will come as a shock. Many had anticipated continued gains in the coming months, with some even predicting that prices could reach as high as $200,000 or more.
However, for those who have been paying attention to the Elliot Wave structure, Glover's prediction is not entirely surprising. The Elliot Wave theory suggests that markets move in predictable patterns, with each wave building on the previous one to create a larger pattern.
In this case, the recent fall from $126,000 to $104,000 marks a significant turning point for the market, according to Glover. "We are seeing a classic case of overbought conditions," he said. "It's only a matter of time before prices begin to fall."
For investors who are looking to protect their portfolios, Glover recommends taking a cautious approach. "Now is not the time to be buying into bitcoin," he said. "We need to see a significant correction in prices before we can even think about investing again."
As for what's next, Glover predicts that the bear market will last until late 2026, with prices potentially falling as low as $70,000 or lower.
"The bull market is over," he said. "It's time to buckle up and prepare for a long and difficult ride."
*Financial data compiled from Coindesk reporting.*
