Ledn CIO: Bitcoin is expected to drop to $89,000, then exceed $125,000 in Q1

Bitget App

Trade smarter

Bitget2025/01/06 10:58

ChainCatcher reports that John Glover, Chief Investment Officer of cryptocurrency lending platform Ledn and former Managing Director of Barclays Investment Bank, predicts that Bitcoin will drop to $89,000 according to the Elliott Wave Theory technical analysis tool. It is then expected to exceed $125,000 in the first quarter of 2025.

John Glover stated: "Earlier this week we saw Bitcoin break below $92,000 so we may have completed the corrective wave moving towards our target of $125,000. If Bitcoin breaks through $125,000 it could experience another pullback before heading towards a cycle top near $160,000."

He added that as investors take profits, there might be a pullback in Bitcoin before Trump's inauguration on January 20th.

Analysts from blockchain data platform Glassnode suggest investors should also closely watch the level at $87k which is assumed as cost basis for short-term holders under reasonable cryptocurrency valuation. This type of “on-chain” analysis examines data directly recorded on blockchain networks for deeper insights into market trends or investor behavior.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!