Cryptocurrency trader and analyst Alessio Rastani believes that Bitcoin (BTC) is entering the final phase of the current bull market, which will lead the leading cryptocurrency with a target price of $100,000.
To explain his predictions, Rastani Elliott quoted the wave theory, which divides upward price trends into five waves. Al-Rustani believes that we have entered the latest wave of an uptrend that started in early 2019 and should reach its peak sometime next year.
“When this five-wave battle is over, I expect a bear market,” he said.
Elliott wave model. Source: leadtrader.com
Referring to research by behavioral economist Jason Goepfert, Rastani predicted that the next bear market in bitcoin could coincide with a broader downtrend in traditional markets that could come “over the next few years.” Rastani noted that Bitcoin will be negatively affected by a stock market correction, as both stocks and BTC are risky assets.
“When there is risk appetite, both markets go up. But when there is a decrease in appetite, and when there is no risk appetite, they both go down.”