Cio Ledn John Glover, who correctly predicted Bitcoin recent [BTC] Price earnings have issued a clear warning that a lack of rupture above the resistance of $ 125,000 could be expensive, which could indicate the start of a bearish market.
BTC, the leading cryptocurrency for market value, took advantage of records greater than $ 125,000 over the weekend. The rally followed the renewed demand of ETF spot that are quoted in the United States in the middle of the ongoing closure of the United States government and was probably promoted by the comments to Proestimulales of the newly elected prime minister of Japan.
However, the impulse has stagnated in the last 24 hours, and prices are withdrawn at $ 124,000.
According to Glover, BTC’s fate is now anchored to a crucial decision point: $ 125,000. A decisive impulse above this level could generate more profits, while a rejection could lead to a more challenging bearish market.
“If we do [move above $125K]then $ 145K is expected at some point around the end of the year/early next year. If we reject a couple of attempts of $ 125K, then there is merit in the argument that we will start a bearish market for BTC, “Glover said in an email, which details his analysis of Elliott Wave.
Glover belongs to the Alcista camp, waiting for a decisive movement above $ 125,000 followed by an end of the year rally to around $ 145,000. However, he anticipates that a bearish market will follow a movement at $ 145,000.
The uprising case looks strong
Since July, Bitcoin has exceeded $ 120,000 three times, including the recent movement during the weekend.
While the two previous waves were quickly invested in an acute and inverted pattern in V -shaped, the last rally seems more convincing. Prices continue to exceed $ 120,000, suggesting that non -institutional demand remains solid, as indicated by QCP capital based in Singapore in its update of the daily market.
This points to a greater probability of sustained rising impulse, which takes prices far beyond the level of $ 125,000.
