In our recent discussions on the Empire newsletter, we’ve delved into the bullish narrative and the historical possibility of a drawdown. Now, it’s time to shift gears and delve into price targets and analysis, according to Ledn’s John Glover.
Glover, who employs the Elliott Wave Theory in his analysis, uses previous price movements to predict future ones. If Bitcoin has indeed peaked at just below $100k (as it did last Friday, reaching a high of $99,800 before retracting), Glover’s projection is that it could hit $125,000 by the end of the year. However, he also cautions that we might not witness Bitcoin breaching the $100k mark this year.
Glover’s current prediction is that Bitcoin has reached its peak at these levels and that we’ll likely see a drop back to around $75,000 to $80,000. Moving into next year, he predicts a significant rally. However, another scenario could see Bitcoin quickly breaking the $100k mark and ascending to $125,000. If this happens, we could witness a peak price of $160,000.
While these projections may be exciting, Glover also warns of the possibility of sizeable profit-taking. Given the $20,000+ spike in Bitcoin’s price in recent weeks, he argues that it would be typical behaviour to see a considerable amount of profit-taking before any significant event. As such, the imminent taking of office by President-elect Donald Trump could trigger a wave of profit-taking as investors wait to see whether this will change the US’s regulatory stance and push things forward.
Despite the lack of a so-called real news event, Glover explains that announcements, such as MicroStrategy’s purchase of over $5 billion of Bitcoin, have not significantly impacted the cryptocurrency’s price.
However, Bitcoin’s pause may be beneficial to the overall crypto environment. Glover observes a trend of investors switching from Bitcoin into altcoins. This aligns with HashKey Capital’s Jupiter Zheng’s prediction of a “massive altcoin season” when Bitcoin dominance peaks.
In terms of the final move up, whether to $125,000 or $160,000, Glover anticipates that this could signal the end of this bull run, followed by a correction. He explains, “Now, that correction isn’t going to take us back down to $20,000. I think if we get that correction from $160,000 we probably correct down to $115,000. If we get it from $125,000, we correct down to $95,000 or something … I think that somewhere in 2025-2026 we will finish this [bull run].”
To think, we started this year off at around $40,000. It’s a reminder of the volatile and exciting world of cryptocurrency.
