LEDN CIO John Glover, who properly predicted recent bitcoin [BTC] The price gains, expressed a striking warning that a failure to exceed the resistance of $ 125,000 could prove to be expensive, potentially signaling the start of a lower market.
BTC, the main cryptocurrency by market value, has operated record heights greater than $ 125,000 during the weekend. The rally followed the renewed demand for the spots listed in the United States in the middle of the current US government’s closure and was probably stimulated by pro-stimulus comments from the newly elected Japanese Prime Minister.
However, Momentum has stalled in the past 24 hours, prices withdrawing at $ 124,000.
According to Glover, the spell of the BTC is now anchored at a crucial decision point: $ 125,000. A decisive thrust above this level could bring additional gains, while a rejection could lead to a more difficult bear market.
“If we do it [move above $125K]So $ 145,000 is expected towards the end of the year / early next year. If we reject a few attempts at $ 125,000, there is merit in the argument that we will start a lower BTC market, “said Glover in an email, detailing his Elliott Wave analysis.
Glover belongs to the Haussier camp, expecting a decisive decision above $ 125,000, followed by an end-of-year rally at around $ 145,000. However, he plans that a lowering market will follow a decision at $ 145,000.
The uptime case looks strong
Since July, Bitcoin has exceeded $ 120,000 on three times, including the recent move during the weekend.
While the two previous overvoltages were quickly reversed in an inverted V -shaped model model, the last rally seems more convincing. Prices continue to maintain more than $ 120,000, which suggests that non -institutional demand remains strong, as noted the QCP capital based in Singapore in their daily update of the market.
This indicates a higher probability of sustained rise dynamics, pushing prices far beyond the level of $ 125,000.
