Bitcoin Price Could Collapse to $70K or Lower as Bull Market Is Over: Elliott Wave Expert

Why It Matters

He notes the shift matters because it flips market-wide trend expectations and is echoed by options-market behavior—Deribit-listed puts trading at a premium—suggesting traders are positioning for extended downside risk into 2026.

Summary

Ledn CIO and Elliott Wave analyst Jon Glover declared Bitcoin’s bull run over after a recent drop from about $126,000 to roughly $104,000, saying the five-wave bullish structure has completed and a sustained bear market could last at least until late 2026. Glover forecasts BTC may fall to $70,000–$80,000 or lower, implying a potential decline of more than 35% from current levels near $108,000. He notes the shift matters because it flips market-wide trend expectations and is echoed by options-market behavior—Deribit-listed puts trading at a premium—suggesting traders are positioning for extended downside risk into 2026.