Predictions about Bitcoin’s future price span the spectrum. The most recent bull run has fueled speculation that Bitcoin is poised to move even higher. The upward price expectations are due in part to the launch of regulated Bitcoin spot ETFs in the United States and the looming “halving,” which will reduce the supply of the world’s most popular digital asset.
CI received a comment from one analyst who sees Bitcoin moving higher. Formerly an MD at Barclays, John Glover, Chief Investment Officer at Ledn, is optimistic about Bitcoin in the coming months. Glover states:
“We continue to develop a triangle formation, and whether we break the lower bound (less likely) or the upper bound (more likely) will determine whether we are following the orange wave count or the blue wave count in [our] chart” … “If we follow the blue count, which is my favoured path, I expect that we’ll see circa $85k before a significant pullback, followed by a move to $100k+. If not, expect to see a test of the mid-$50k region to liquidate weak longs before the next move higher to the $90k area. If we don’t see a quick pop higher on the halving, expect the market to search for stops below. Hold firm to longs.”
While Glover anticipates a bumpy path, in the end, he sees a 50% or more move to the upside. Glover did not provide a timeline but one would expect he is looking at the next 12 months.