Summary
- John Glover Redden CIO warned that the Bitcoin bull market has ended with the recent break below 105,000 dollars.
- CIO Glover said Bitcoin has entered a bear market and could fall more than 35% from the current price to 70,000–80,000 dollars.
- He said this outlook is based on the Elliott wave theory and Bitcoin's historical pattern of entering a bear market after halvings.
John Global Redden CIO
"Bear market until the end of next year"
John Glover Redden, chief investment officer (CIO), who is known for accurate predictions about the cryptocurrency market, warned that the Bitcoin bull market that began in early 2023 appears to have ended with the recent break below 105,000 dollars.
Crypto-focused outlet CoinDesk reported this on the 19th (local time) and added that Bitcoin could fall to 70,000 dollars. This means there is a possibility of a drop of 35% or more from the current price of 108,000 dollars.
CIO Glover said, "I firmly believe that cryptocurrencies have completed a five-wave upward movement and have entered a bear market that could last at least until the end of 2026." He added, "Bitcoin will fall to 70,000–80,000 dollars."
He explained, "While one cannot rule out Bitcoin re-testing or slightly rising to its all-time high of 124,000 dollars, the trend has now reversed to bearish." He based this outlook on the Elliott wave theory. The Elliott wave theory was introduced by Ralph Nelson Elliott in 1938 and is based on the idea that investors' psychology moves in predictable cycles.
His bearish outlook precisely matches Bitcoin's historical pattern of peaking 18 months after each halving and then entering a bear market. The most recent halving occurred in April 2024.
Reporter Song Jong-hyun scream@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
