Dealer and cryptocurrency analyst Alessio Rastani believes Bitcoin (BTC) is getting into the ultimate stage of the present bull market, which is able to propel the main cryptocurrency to a $100,000 value goal.
To elucidate his prediction, Rastani cited the Elliott Wave Theory, which divides upward value tendencies into 5 waves. Rastani believes we’ve entered the ultimate wave of a bull development that began initially of 2019 and that ought to see its prime in some unspecified time in the future subsequent 12 months.
“When this five-wave transfer completes, then I’m anticipating a bear market,” he mentioned.
Citing analysis by behavioral finance skilled Jason Goepfert, Rastani predicted that the subsequent Bitcoin bear market might coincide with a broader downtrend in conventional markets, which may come “within the subsequent couple of years.” Rastani identified that Bitcoin can be negatively affected by a inventory market correction, provided that each shares and BTC are risk-on belongings.
“When there’s an urge for food for threat, each markets go up. However when there’s low urge for food, when there’s little urge for food for threat, they go down.”