Ledn Chief Investment Officer John Glover, who accurately forecasted Bitcoin’s recent gains, cautions that failing to break above $125,000 could signal the start of a bear market.
BTC briefly touched record highs above $125,000 over the weekend, supported by renewed demand for U.S.-listed spot ETFs amid the ongoing government shutdown and pro-stimulus remarks from Japan’s new prime minister. Momentum has since eased, with prices retreating to around $124,000.
“The $125K level is pivotal,” Glover said in an email outlining his Elliott Wave analysis. “A decisive push above it could lead to $145K by year-end. Multiple failed attempts, however, may mark the start of a bear phase.”
Since July, Bitcoin has crossed $120,000 three times. While prior rallies quickly reversed, the latest move appears more sustainable, holding above $120,000. Singapore-based QCP Capital noted strong non-institutional demand, indicating potential for continued upward momentum if $125K is breached.
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