LEDN CIO JOHN GLOVER, THAT correctly predicted Recent Bitcoin (BTC) prices (BTC), have released a heavy warning that a failure to break above $ 125,000 objection can prove to be expensive, potential signal the start of a bear market.
BTC, the leading cryptocurrency by market value, which has tapped a high record of over $ 125,000 over the weekend. The rally followed the changed demand for listed areas listed in the US amid the US government’s ongoing shutdown and is likely to be strengthened by pro-stimulus comments from Japan’s newly elected prime minister.
However, the momentum stopped for the past 24 hours, with prices retreating to $ 124,000.
According to Glover, the fate of BTC is now anchored to an important decision point: $ 125,000. A decisive push above this level can bring additional advantages, while a decline can lead to a more challenging bear market.
“If we do this (move above $ 125k), then $ 145k is expected once around the end of the year/early next year. If we reject a pair of attempts at $ 125k, then there is a merit in the argument that we will start a bear market for BTC,” Glover said in an email, detailing his Elliott’s review.
Glover belongs to the Bullish camp, which expects a decisive move above $ 125,000 followed by a rally by the end of the year up to $ 145,000. However, he hopes that a bear market will follow a move to $ 145,000.
Bullish case looks strong
Since July, Bitcoin has exceeded $ 120,000 three times, including a recent weekend.
While the previous two surges are quickly reversed with a sharp, reversible V pattern, the latest rally appears to be more convincing. Prices continue to hold above $ 120,000, suggesting that non-institutional demand remains strong, as noted by the Singapore-based capital in their daily market updates.
It points to a higher probability of long upward momentum, which drives prices beyond the level of $ 125,000.
