Bitcoin’s journey remains a rollercoaster, with experts suggesting the cryptocurrency could reach the dizzying heights of $140,000 by the end of 2025. However, the ride may not be smooth beyond that. According to John Glover, Chief Investment Officer at Ledn, 2026 could usher in a challenging era for the digital asset.
Riding the Elliott Wave
Bitcoin’s recent dip—falling 4% over the past week and touching lows under $112,000—comes as no surprise to those familiar with Elliott Wave Theory. This analytical framework, devised by Ralph Nelson Elliott in the 1930s, interprets market movements as predictable, repeating patterns or waves. Glover explains that Bitcoin is currently navigating the impulse wave (iii) of an extended wave 5, setting the stage for a potential climb to $140,000. As explored in our recent coverage of Bitcoin speculators’ influence on price targets, market sentiment plays a crucial role in these movements.
Here’s the kicker: a retracement wave (iv) is anticipated shortly, which may see prices retreat to around $110,000 by September. Yet, Glover remains bullish, suggesting that the final impulse wave (v) could propel Bitcoin to its peak, rounding out the cycle at $140,000.
The Calm Before the Storm?
While the summer’s “doldrums” may have temporarily hampered Bitcoin’s ascent, Glover is adamant that the cryptocurrency is poised to complete its five-wave journey. “We’re still on target to hit $135,000 – $140,000 by the end of 2025,” he asserts.
This optimism diverges from the broader market sentiment, which has been tempered by profit-taking and steep declines in crypto-linked stocks like MicroStrategy (MSTR) and Coinbase (COIN). Despite these hiccups, many in the crypto community are closely watching Bitcoin’s trajectory, wondering if it can defy the odds and continue its upward march. For a deeper dive into potential price peaks, see our coverage of Bitcoin’s ‘tick tock’ fractal prediction.
Beyond the Horizon
Looking past the immediate future, Glover adds a note of caution. “Once we achieve the $140,000-ish region, there will be a LOT of debate as to how much further the market will go,” he remarks. While some bulls might dream of Bitcoin reaching $250,000 to $500,000 in 2026, Glover isn’t convinced. “This is not my thesis as I believe we will enter a bear market for BTC in 2026,” he warns.
This perspective sharply contrasts with the prevailing narrative that institutional adoption—especially through ETFs—has shattered Bitcoin’s historical four-year cycles. Traditionally, these cycles have suggested a peak followed by a prolonged bear market. Glover’s forecast, however, hints at a return to these cyclical patterns, raising questions about the sustainability of Bitcoin’s recent bullish wave.
As Bitcoin aficionados brace for the potential upswing, the looming question remains: can Bitcoin maintain its momentum, or is a downturn inevitable? While the Elliott Wave provides a roadmap, the market’s inherent volatility ensures that surprises—both exhilarating and daunting—are always just around the corner.
In the end, whether Bitcoin soars or stumbles, the journey promises to be as captivating as ever. As we edge closer to the end of the year, all eyes will be on Bitcoin’s next move—each wave, each dip, each peak telling a story of a market that never ceases to intrigue.
Source
This article is based on: Bitcoin Still on Track for $140K This Year, But 2026 Will Be Painful: Elliott Wave Expert
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
