Ledn CIO: Bitcoin is expected to drop to $89,000, then exceed $125,000 in Q1

ChainCatcher reports that John Glover, Chief Investment Officer of cryptocurrency lending platform Ledn and former Managing Director of Barclays Investment Bank, predicts that Bitcoin will drop to $89,000 according to the Elliott Wave Theory technical analysis tool. It is then expected to exceed $125,000 in the first quarter of 2025.

John Glover stated: "Earlier this week we saw Bitcoin break below $92,000 so we may have completed the corrective wave moving towards our target of $125,000. If Bitcoin breaks through $125,000 it could experience another pullback before heading towards a cycle top near $160,000."

He added that as investors take profits, there might be a pullback in Bitcoin before Trump's inauguration on January 20th.

Analysts from blockchain data platform Glassnode suggest investors should also closely watch the level at $87k which is assumed as cost basis for short-term holders under reasonable cryptocurrency valuation. This type of “on-chain” analysis examines data directly recorded on blockchain networks for deeper insights into market trends or investor behavior.