The cycle is not over yet, major companies’ execs argue. The Bitcoin (BTC) drawdown is the result of sentiment shocks, not fundamentals, and unless it falls below the March 2024 ATH, the coin should continue the rally towards $160,000 soon.
December began with a market drop. At the time of writing on Monday morning (UTC), it’s down nearly 6% over the last 24 hours, standing at $3.01 trillion.
BTC specifically decreased by 5.8% in the same timeframe, currently trading at $85,999. It’s down 0.5% in a week, 22% in a month, 11.5% in a year, and 32% from the October all-time high of $126,080.
You may also like: Why Is Crypto Down Today? – December 1, 2025 The crypto market is down today, with the cryptocurrency market capitalisation dropping by 5.2%, getting close to falling below $3 trillion, now standing at $3.01 trillion. 96 of the top 100 coins have gone down over the past 24 hours. At the same time, the total crypto trading volume is at $135 billion. Crypto Winners & Losers At the time of writing, 8 of the top 10 coins per market capitalization have seen their prices fall over the past 24 hours. Bitcoin (BTC) fell by 5.3%…
John Glover, Chief Investment Officer of financial services company Ledn, recently discussed the market’s current position.
He argued that we’re currently in a Wave IV correction, which typically completes at either the 23.6% fibbo (Fibonacci retracement) or the 38.2% fibbo.
“If this is true in the current situation,” he writes in an email, “we have already finished Wave IV and we should now resume the uptrend.”
However, Glover notes the so-called Rule of Alternation. If Wave II is a very simple A-B-C correction, which it was in this case, Wave IV tends to be more complex. “What we’ve seen thus far in this correction has been rapid and quite simple in its formation,” he says.
However, he also argued that it is still possible that we’re experiencing a wave 5 (of Wave III) extension.
This is relevant, as it would take the price to $125,000 before we see a correction.
Moreover, unless BTC breaches the March 2024 high of $74,000, “there’s no real threat of a drastic sell off,” Glover writes. “So I expect the market to continue adding to longs on any dips.”
All this said, “my view is that we will see a lot of ‘directionless volatility’ over the coming months, with the low being set somewhere between $71,000 and $80,000.”
The good news is that “once that base has fully formed, the rally will continue into the end of 2026/beginning of 2027 with a target of $145,000 to $160,000 depending on where the bottom of Wave IV finalizes,” the exec concludes.
About the Author
