Bitcoin’s $125K Resistance: Analyst Warns Failure Could Bring Bear Market

Ledn CIO John Glover, who correctly predicted caller bitcoin [BTC] terms gains, has issued a stark informing that a nonaccomplishment to interruption supra the $125,000 absorption could beryllium costly, perchance signaling the commencement of a carnivore market.

BTC, the starring cryptocurrency by marketplace value, tapped grounds highs supra $125,000 implicit the weekend. The rally followed renewed request for U.S.-listed spot ETFs amid the ongoing U.S. authorities shutdown and was apt boosted by pro-stimulus comments from Japan’s recently elected premier minister.

However, momentum has stalled implicit the past 24 hours, with prices retreating to $124,000.

According to Glover, BTC's destiny is present anchored to 1 important determination point: $125,000. A decisive propulsion supra this level could bring further gains, portion a rejection could pb to a much challenging carnivore market.

"If we bash truthful [move supra $125K], past $145k is expected sometime astir the extremity of the year/early adjacent year. If we cull a mates of attempts astatine $125k, past determination is merit to the statement that we volition statesman a carnivore marketplace for BTC," Glover said successful an email, detailing his Elliott question analysis.

Glover belongs to the bullish camp, expecting a decisive determination supra $125,000 followed by a year-end rally to astir $145,000. However, helium anticipates that a carnivore marketplace volition travel a determination to $145,000.

Bullish lawsuit looks strong

Since July, bitcoin has surpassed $120,000 3 times, including the caller determination implicit the weekend.

While the erstwhile 2 surges were rapidly reversed successful a sharp, inverted V-shaped pattern, the latest rally appears much convincing. Prices proceed to clasp supra $120,000, suggesting that non-institutional request remains strong, arsenic noted by Singapore-based QCP Capital successful their regular marketplace update.

This points to a higher probability of sustained upward momentum, pushing prices good beyond the $125,000 level.