Elliott Wave expert John Glover, who states that the price of Bitcoin could reach $140,000 this year, predicts a severe bear market in 2026.
Bitcoin (BTC) faced resistance around $120,000 due to profit-taking by long-term investors in recent weeks, experiencing a decline of about 4% and briefly dropping below $112,000 over the weekend. These developments suggest that a summer stagnation is prevailing in the crypto market.
John Glover, the chief investment officer of crypto finance company Ledn, stated based on the Elliott Wave theory that Bitcoin is still in a strong upward wave and that the price will reach the range of $135,000 to $140,000 by the end of the year. Glover believes that the current decline is a normal correction wave and that movement towards new peaks will soon resume.
What is Elliott Wave?
The Elliott Wave theory suggests that market movements occur in repeating, predictable waves. According to this theory, price movements create a five-wave cycle: consisting of three upward waves and two correction waves. Bitcoin is currently moving within the extended wave 5 of the Elliott wave cycle, completing the third upward wave (iii).
Bitcoin price is expected to rise to around $130,000 in the coming weeks, followed by a decline to around $110,000 in September. After this correction, it is stated that the final upward wave towards the targeted peak of $140,000 at the end of the year will occur.
What will happen in 2026?
Glover believes that Bitcoin will enter a bear market in 2026 and that there will be a significant decline in prices. According to him, contrary to the common view that institutional adoption through ETFs has broken the four-year cycle, Bitcoin's historical cycles are still valid.
The expert stated that after the market reaches its peak, many investors will express much higher price targets, but he is preparing for a decline that will occur in 2026.