Jon Glover, an Elliott Wave analyst and Ledn's Chief Investment Officer, has predicted a significant downturn for Bitcoin, suggesting the bull market that started in early 2023 may have concluded. After Bitcoin's recent decline from $126,000 to $104,000, Glover forecasts a bear market that could see prices fall to $70,000 or lower. He believes Bitcoin has completed its five-wave upward move and is now entering a bearish phase expected to last until late 2026. Glover also mentioned the possibility of a retest of $124,000, but emphasized the overall bearish trend, consistent with Bitcoin's historical pattern of bear markets following halvings, the latest of which occurred in April 2024.