Trader and cryptocurrency analyst Alessio Rastani believes Bitcoin (BTC) is entering the final phase of the current bull market that will push the leading cryptocurrency to a price target of $ 100,000.
To explain his prediction, Rastani cited the Elliott Wave Theory, which divides uptrends into five waves. Rastani believes we have entered the final wave of a bull trend that began in early 2019 and should peak sometime next year.
“When this five-wave move is complete, I expect a bear market,” he said.
Citing a study by behavioral finance expert Jason Goepfert, Rastani predicted that the next bitcoin bear market could coincide with a broader downtrend in traditional markets that could come “in the next few years.” Rastani pointed out that a stock market correction would adversely affect Bitcoin as both stocks and BTC are risky assets.
“When there is risk taking, both markets rise. But when the appetite is low, when the willingness to take risks is low, they decline. “
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