This weekend, Bitcoin experienced a significant decline, falling below $112,000. Despite this, some analysts remain confident that the cryptocurrency will recover in the near future.
Bitcoin's Weekend Decline
Bitcoin (BTC) lost about 4% of its value, dropping to below $112,000. This decline has caused concerns among investors, although some analysts indicate that Bitcoin has not yet reached its peak.
Analysts' Predictions for Bitcoin's Future
Analysts, including John Glover, Chief Investment Officer of Ledn, believe that Bitcoin can reach $140,000 this year before entering a bear market in 2026.
Elliott Wave Theory and Its Impact on Bitcoin
Glover also noted that according to Elliott Wave theory, the current sell-off is a temporary break and part of a normal pullback wave after the all-time high. He anticipates further growth towards $140,000 by the end of the year.
> “Bitcoin is completely caught up in the summer slump. It continues to follow the expected trajectory on the Elliot Wave chart and will soon complete the 5-wave movement shown by the blue line. This will also complete wave 3 (yellow line) of Wave 5 (orange line). So, all in all, we are on track to reach the $135,000-$140,000 target by the end of 2025.”
Despite recent losses, predictions for Bitcoin's future remain optimistic. Analysts believe that upcoming movements could lead to an improved market situation by the end of the year.
