Price Targets Set as Bitcoin Faces Challenges to Reach $100K
We’ve discussed the bullish narrative, the historical possibility of a drawdown, and now we will focus on price targets and analysis.
John Glover from Ledn provides insights on end-of-year expectations using Elliott Wave Theory, which analyzes past price movements to predict future trends. He indicates that if Bitcoin has peaked just below $100,000 (with a recent high of $99,800), a target of $125,000 is plausible. However, he suggests that breaching $100,000 this year may not occur.
Glover's preferred scenario involves Bitcoin dropping back to $75,000 to $80,000 before a potential rally next year. Conversely, if Bitcoin surpasses $100,000 quickly, it could reach $125,000 and possibly peak at $160,000.
He anticipates profit-taking due to a significant increase in Bitcoin’s price over the last few weeks. Glover notes that typical behavior after such a large move includes selling off before major events, like President-elect Donald Trump taking office, which may influence regulatory perspectives.
The lack of substantial news events explains why announcements, such as MicroStrategy’s acquisition of over $5 billion in Bitcoin, have had minimal impact. However, Bitcoin's current pause might benefit the broader crypto market.
Glover observes a shift from Bitcoin into altcoins, suggesting a “massive altcoin season” when Bitcoin dominance peaks. He believes the final upward movement—whether to $125,000 or $160,000—could conclude this bull run, followed by a correction. He estimates corrections would lead to price adjustments down to $115,000 from $160,000 or to around $95,000 from $125,000, predicting the bull run may finish between 2025 and 2026.
This year began with Bitcoin priced around $40,000.