Bitcoin (BTC) suffered a major decline, falling below $112,000 over the weekend with losses of around 4%.
While this decline has made investors nervous, a market analyst noted that Bitcoin has not yet reached its peak.
The analyst added that Bitcoin will rise to around $140,000 this year, then enter a bear market in 2026.
According to Coindesk, Ledn chief investment officer John Glover said that according to the Elliott Wave theory, Bitcoin could reach $140,000.
Glover stated that the sell-off was a temporary break and a typical pullback wave following the ATH, and that these declines could pave the way for a rally towards $140,000 by the end of the year.
“Bitcoin is completely caught up in the summer slump.
It continues to follow the expected trajectory on the Elliot Wave chart and will soon complete the 5-wave movement shown by the blue line. This will also complete wave 3 (yellow line) of Wave 5 (orange line).
So, all in all, we are on track to reach the $135,000-$140,000 target by the end of 2025.”
According to Elliot Wave theory, the analyst said BTC could reach a peak of $130,000 in the next few weeks, then complete a pullback wave by dropping to around $110,000 in September. The larger recent impulse wave would then continue, reaching a bull market peak of around $140,000.
The analyst lastly claimed that the bear market will begin in 2026.
*This is not investment advice.