Ledn Cio John Glover that properly predicted the recent Bitcoin [BTC] Price winnings have issued a sharp warning that a lack of breaking over the $ 125,000 resistance could prove to be expensive, which potentially signalizes the start of a bear market.
BTC, the leading cryptocurrency with market value, tapped record heights over $ 125,000 over the weekend. The rally followed renewed demand for US-listed Spot-ETFs in the midst of the ongoing US government’s shutdown and was probably strengthened by Pro-Stimulus comments from Japan’s newly elected prime minister.
However, Momentum has stopped over the past 24 hours, with prices that retire to $ 124,000.
According to Glover, BTC’s fate is now rooted in a crucial decision point: $ 125,000. A crucial push over this level can cause additional gains, while a rejection can lead to a more challenging bear market.
“If we do [move above $125K]Then $ 145K is expected sometime around the end of the year/early next year. If we reject a few attempts at $ 125K, there is a profit for the argument that we will begin a bear market for BTC, “Glover said in an E email, detailing his Elliott Wave analysis.
Glover belongs to the Bullish camp and expects a decisive step over $ 125,000 followed by one year’s end to about $ 145,000. However, he expects a bear market to follow a step to $ 145,000.
Bullish case looks strong
Since July, Bitcoin has surpassed $ 120,000 three times, including the recent steps of the weekend.
While the previous two waves were quickly turned into a sharp, reverse V-shaped pattern, the latest rally seems more convincing. Prices continue to hold over $ 120,000, suggesting that non-institutional demand remains strong, as noted by Singapore-based QCP capital in their daily market update.
This points to a greater likelihood of sustained momentum upwards and pushes prices well beyond the $ 125,000 level.
