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

2025-01-06 17:53:36

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ChainCatcher news, John Glover, Chief Investment Officer of the cryptocurrency lending platform Ledn and former Managing Director at Barclays Investment Bank, stated that according to the technical analysis tool Elliott Wave Theory, Bitcoin is expected to drop to $89,000 before exceeding $125,000 in the first quarter of 2025.

John Glover said, "Earlier this week, we saw Bitcoin drop below $92,000, so we may have completed the corrective wave towards the $125,000 target. If Bitcoin breaks through $125,000, it may experience another pullback before heading towards the cycle top around $160,000."

He added that Bitcoin may see a pullback before January 20, when Trump is inaugurated, as investors take profits.

Analysts at the blockchain data platform Glassnode indicated that investors should also closely monitor the $87,000 level, which is the cost basis for short-term holders of Bitcoin, assuming cryptocurrency valuations are reasonable. This type of "on-chain" analysis examines data directly recorded on the blockchain network to gain insights into market trends or investor behavior.

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