Bitcoin entering final stage of major bull trend, crypto analyst says
Trader and cryptocurrency analyst Alessio Rastani believes Bitcoin (BTC) is entering the final stage of the current bull market, which will propel the leading cryptocurrency to a $100,000 price target.
To explain his prediction, Rastani cited the Elliott Wave Theory, which divides upward price trends into five waves. Rastani believes we have entered the final wave of a bull trend that started at the beginning of 2019 and that should see its top at some point next year.
“When this five-wave move completes, then I’m expecting a bear market,” he said.
Citing research by behavioral finance expert Jason Goepfert, Rastani predicted that the next Bitcoin bear market may coincide with a broader downtrend in traditional markets, which could come “in the next couple of years.” Rastani pointed out that Bitcoin would be negatively affected by a stock market correction, given that both stocks and BTC are risk-on assets.
“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.”