Bitcoin may still have room to rally before entering a downturn, according to a top Elliott Wave market analyst. The world’s largest cryptocurrency dropped 4% over the past week, hitting lows under $112,000. However, market experts say this is just a short-term dip in a larger bullish wave.
John Glover, chief investment officer at crypto firm Ledn, believes Bitcoin is on track to reach $140,000. He says the market is currently in the third impulse wave (wave iii) of a five-wave rally. According to him, this move is still playing out and could peak in 2025. “We’re still on target to hit $135,000 – $140,000 by the end of 2025,” Glover noted in an email.
Analyst Explains Market Dip and Upcoming Rally
The recent correction is not a red flag, according to Glover. He calls it a “typical retracement wave,” which often follows strong upward moves. Bitcoin’s drop came after long-term holders took profits near the $120,000 mark. Crypto stocks like MicroStrategy and Coinbase also saw losses.
However, Glover expects Bitcoin to hit $130,000 in the next few weeks. Then, prices could pull back to $110,000 before the final push toward $140,000 begins.
Elliott Wave Signals Possible Peak
The Elliott Wave Theory, formulated in 1938, assists analysts in their price prediction activities, giving due importance to crowd psychology and pattern cycles that drive price movements. It states that prices move in five impulse waves and three corrective waves.
Currently, Bitcoin appears to be in the third wave of a larger five-wave pattern. If the trend continues, a major peak near $140,000 could form by year-end.
“Once we achieve the $140,000-ish region… I’m sure we’ll hear the bulls quoting $250,000 to $500,000 in 2026. This is not my thesis,” Glover added. He predicts a fresh bear market for Bitcoin starting in 2026.
Also Read: ‘Bitcoin August Curse’ Could Trigger Drop Below $90K: Kiyosaki
