Bitcoin News Today: Bitcoin Could Hit $140 000 by 2024 Before 2026 Bear Market Slump

A prominent crypto analyst, John Glover, Chief Investment Officer (CIO) of Ledn, has outlined a bold Bitcoin price prediction based on the Elliott Wave Theory. According to his analysis, Bitcoin could reach a peak of $140,000 by the end of 2024, before entering a bear market in 2026. Glover’s forecast, shared with Cointelegraph, is rooted in a detailed technical analysis of historical price patterns and current market conditions, which suggest a strong upward momentum in the near term [1].

The analyst identifies Bitcoin as currently positioned in the third impulse wave of an extended wave 5, indicating potential for further gains. His model projects a short-term rally to $130,000 within the coming weeks, followed by a correction to $110,000 by September 2024. A final surge in the fifth wave could then push prices to the $140,000 target. However, Glover also warns that this bull phase is expected to be followed by a bear market in 2026, emphasizing the cyclical nature of financial markets [1].

Several factors may influence the accuracy of this prediction. The recent Bitcoin halving in April 2024, which historically precedes bull runs, could support the upward trend over the next 12 to 18 months. Additionally, growing institutional adoption through Bitcoin spot ETFs and ongoing regulatory developments are seen as potential tailwinds. Conversely, macroeconomic uncertainty, geopolitical events, or restrictive regulatory actions could pose risks to the forecast [1].

Glover’s approach underscores the importance of technical analysis in navigating the volatile crypto market. Investors are advised to conduct their own research, practice risk management, and maintain a diversified portfolio. While the potential for a $140,000 Bitcoin is enticing, the anticipated bear market in 2026 serves as a reminder of the need for strategic planning and long-term perspective [1].

The prediction, though ambitious, is framed as one of many tools that investors can consider when making decisions. It highlights the interplay between market psychology, technical patterns, and external factors. As such, it offers a nuanced view rather than a definitive roadmap. The crypto market remains unpredictable, and while forecasts like Glover’s provide valuable insights, they should not be the sole basis for investment strategies [1].

Source: [1] Bitcoin Price Prediction: Unveiling the Crucial $140K Peak Before 2026 Bear Run (https://coinmarketcap.com/community/articles/68907303995da309bf62e0ad/)