Bitcoin (BTC) investors have been warned to get ready for hard times. Jon Glover, a famous market expert and Chief Investment Officer at Ledn, said the Bitcoin bull market that began in early 2023 may now be ending.

Glover now expects a long bear market, saying Bitcoin could fall to $70,000 or even lower, which is a 35% drop from the current price around $108,000, as per the report by CoinDesk. He said, “I firmly believe we have completed the five-wave upward move and are now entering a bear market that may last until at least late 2026.”

Glover also predicted, “I expect bitcoin to trade between $70K and $80K, and possibly even lower.” He explained that Bitcoin might still retest its old highs near $124,000 or go a little higher, but the main trend has now turned bearish. According to him, Bitcoin prices are more likely to be lower in the coming months.

What is the Elliott Wave Theory?

The Elliott Wave Theory, made by Ralph Nelson Elliott in 1938, says that investor emotions move in a repeating pattern. This pattern has five waves — three waves go up (called impulse) and two waves go down (called corrective).

Bitcoin’s five-wave bull pattern started in late 2022 when the price was below $20,000. The fifth wave peaked above $126,000 earlier this month, marking the top of the recent rally.

What Glover predicted earlier

In August, Glover thought wave 5 would take Bitcoin up to $140,000–$150,000 by the end of the year. This was even after some people got worried when Bitcoin fell from $120,000 to $112,000. Bitcoin did go up after that, just like he said, but it stopped rising after $125,000.

Glover then warned that if Bitcoin kept failing to stay above $125,000, the bullish case would weaken. Soon after, Bitcoin fell to $105,000 last week, which confirmed that the bull run had ended early, according to Glover, as stated by CoinDesk.

Glover said, “Now that we have broken down below $108k, I am ready to make the call as to whether we are on the orange path… or the yellow path…” He explained that the orange path would mean Bitcoin could still rise to $145,000, but the yellow path means “we have seen the highs in this market.”Finally, he made it official, saying, “Here’s my call: THE BULL RUN IN BITCOIN IS OVER!”

Why this makes sense historically

Glover’s bearish view matches Bitcoin’s usual cycle, where it peaks and then drops into a bear market around 18 months after each halving event. The latest halving happened in April 2024, so the timing fits this trend.

Data from Amberdata supports Glover’s view — it shows that Bitcoin put options (used to protect from losses) are trading at higher prices than call options (used for betting on gains). These put options are expensive through September 2026, showing that many traders expect prices to go down for a long time.

FAQs

Q1. Why does Jon Glover think the Bitcoin bull run is over?

Jon Glover believes the bull run ended because Bitcoin broke below $108,000, completing its five-wave cycle and starting a bear market.

Q2. How low could Bitcoin go according to Jon Glover?

Jon Glover predicts Bitcoin could fall to between $70,000 and $80,000, or possibly even lower, by late 2026.