Trader and cryptocurrency analyst Alessio Rastani believes Bitcoin (BTC) is entering the final stage of the present bull market, which can propel the main cryptocurrency to a $100,000 worth goal.
To clarify his prediction, Rastani cited the Elliott Wave Theory, which divides upward worth traits into 5 waves. Rastani believes we now have entered the final wave of a bull pattern that began in the beginning of 2019 and that ought to see its high sooner or later subsequent yr.
“When this five-wave move completes, then I’m expecting a bear market,” he mentioned.
Citing analysis by behavioral finance professional Jason Goepfert, Rastani predicted that the subsequent Bitcoin bear market could coincide with a broader downtrend in conventional markets, which might come “in the next couple of years.” Rastani identified that Bitcoin could be negatively affected by a inventory market correction, on condition that each shares and BTC are risk-on belongings.
“When there’s an appetite for risk, both markets go up. But when there’s low appetite, when there’s little appetite for risk, they go down.”