LONDON (IT BOLTWISE) – Bitcoin is facing a possible price correction that could reduce the cryptocurrency’s value by up to 40%. Analyst Jon Glover predicts a bear market that could last until the end of 2026, with prices between $70,000 and $80,000.
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The Bitcoin market is facing a possible price correction that could reduce the value of the cryptocurrency by up to 40%. Analyst Jon Glover, known for his accurate market predictions, recently published an analysis predicting an impending bear market for Bitcoin. According to Glover, the price of Bitcoin could fall to $70,000 or even lower, which would represent a significant decline from current levels.
Glover, who serves as chief investment officer at Ledn, bases his forecast on Elliott Wave theory. This theory, based on the assumption that collective investor psychology moves in predictable cycles, suggests that Bitcoin has completed a five-wave upward move. This movement began in late 2022 and peaked in October 2025 with a record high of $126,198.
The analyst had correctly predicted Bitcoin would hit $125,000 back in August 2025, when many other analysts were pessimistic. But after Bitcoin fell below the critical level of $108,000, Glover now sees the end of the bull market. He expects the bear market to last until at least the end of 2026.
Glover’s technical analysis shows that Bitcoin price has fallen below the 50-day EMA at $114,222, another sign of an impending correction. There are also macroeconomic factors that support the negative forecast, such as geopolitical tensions and tight monetary policy from the US Federal Reserve. These factors could further increase pressure on Bitcoin and lead to a prolonged bear market.
History shows that Bitcoin bear markets have historically lasted between 12 and 15 months. This could suggest that the current bearish trend will continue until the end of 2026. Investors should prepare for a volatile period in which the Bitcoin price may test support multiple times before the market stabilizes.
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