Bitcoin Price Could Collapse to $70K or Lower as Bull Market Is Over: Elliott Wave Expert
An Elliott Wave expert predicts Bitcoin's bull market is over, forecasting a bear market potentially dropping prices to $70,000 or lower by late 2026.Summary
Jon Glover, Elliott Wave analyst and Ledn’s Chief Investment Officer, warns that the Bitcoin bull market which started in early 2023 has likely concluded following a recent drop from $126,000 to $104,000. Based on the Elliott Wave theory, Glover anticipates entering a sustained bear market that could last until at least late 2026, with Bitcoin prices potentially trading between $70,000 and $80,000, or even lower. This bearish call was prompted by Bitcoin's failure to sustain momentum above $125,000, confirming the end of the five-wave upward structure that peaked above $126,000. This outlook aligns with historical trends showing Bitcoin peaking roughly 18 months after a halving event, with the most recent one occurring in April 2024. Furthermore, data shows put options expiring in September 2026 are trading at a premium, suggesting traders are hedging against significant downside risk.
(Source：CoinDesk)