HomeCryptoBitcoin entering final stage of major bull pattern, crypto analyst says

Bitcoin entering final stage of major bull pattern, crypto analyst says

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.

Elliott Waves Model. Source: leadingtrader.com

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.”

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