Cryptocurrency trader and analyst Alessio Rastani believes that Bitcoin ( BTC ) enters the final stage of a bull market that will lead the leading cryptocurrency to a target price of $ 100,000.
To explain his prediction, Rastani cited the Elliott Wave Theory, which divides upward price trends into five waves. Rastani believes we have entered the latest wave of an uptrend that began in early 2019 and is expected to peak sometime next year.
“When this five-wave move is complete, I expect a bear market,” he said.
Elliott Wave Model. Source: leadertrader.com
Citing research by behavioral finance expert Jason Goepfert, Rastani predicted that Bitcoin’s next bear market could coincide with a broader downtrend in traditional markets that could occur “in the next few years.”
Rastani pointed out that Bitcoin will be negatively impacted by a stock market correction as both stocks and BTC are risky assets.
“When there is an appetite for risk, both markets go up. But when there is no appetite, when there is little appetite for risk, they decrease. “
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