Ledn Chief Investment Officer John Glover, known for accurately forecasting Bitcoin’s recent surge, has warned that a failure to push past the $125,000 resistance could signal the start of a new bear market.
Bitcoin (BTC) briefly hit fresh all-time highs above $125,000 over the weekend, supported by renewed demand for U.S.-listed spot ETFs during the ongoing government shutdown and optimism following pro-stimulus comments from Japan’s new prime minister. However, momentum has since eased, with prices pulling back to around $124,000.
“The $125K mark is a decisive point,” Glover said in an email, referencing his Elliott Wave analysis. “If Bitcoin breaks above it, we could see $145K by the end of the year or early next. But repeated failures to clear that resistance could mark the beginning of a bear phase.”
Despite his warning, Glover remains broadly bullish, expecting BTC to make a clean break above $125,000 before a correction sets in later this cycle.
Growing Confidence in the Rally
Since July, Bitcoin has crossed $120,000 three times, but previous rallies quickly reversed in sharp pullbacks. This time, the move appears more sustainable — prices have held above $120,000, suggesting continued buying strength.
Singapore-based trading firm QCP Capital noted that non-institutional investors remain active, indicating that momentum could extend further if Bitcoin secures a decisive close above $125,000.
