Bitcoin Surges 2.6% to $88,370, Analyst Predicts $135,000 by 2026

Bitcoin's price movements have been a subject of intense scrutiny, with analysts and investors alike trying to decipher whether the current bull run is nearing its final wave. John Glover, the Chief Investment Officer at Ledn, has been using Elliott Wave Theory to predict Bitcoin's price movements. This theory suggests that a deeply liquid market will move in the main trend direction in five waves, with three upward "motive" phases and two downward "corrective" phases.

Glover noted that the market did not react to the pro-crypto remarks made by Donald Trump at the Blockworks conference. However, Bitcoin's price saw a boost over the weekend, reaching $88,370 as of 2:10 pm ET Monday, which was 2.6% higher than 24 hours prior. Regardless of whether Wave 4 has officially ended, Glover expects Wave 5 to lead to a Bitcoin price rally to between $130,000 and $135,000 by Q1 2026.

Glover's analysis extends beyond specific price levels, delving into how Bitcoin is perceived in the market. Some view it as a safe-haven asset, while others see it as a risk asset. Glover believes that as more traditional finance players enter the Bitcoin market, it will start tracking gold more closely. This perception shift could lead to increased Bitcoin ETF positions as the price has come down, with those fearing a "Trump pump" exiting in panic.

Nearly one-fifth of surveyed financial advisers with no crypto allocation for clients planned to add that exposure in 2025, more than double the previous year’s 8%. However, those who haven’t committed yet will likely want to see Bitcoin start moving up again before they do. Glover noted that those who already have Bitcoin in their portfolios are less likely to panic during corrections, viewing it as a long-term hold.