Dealer and cryptocurrency analyst Alessio Rastani believes Bitcoin (BTC) is coming into the ultimate stage of the present bull market, which is able to propel the main cryptocurrency to a $100,000 worth goal.
To elucidate his prediction, Rastani cited the Elliott Wave Principle, which divides upward worth tendencies into 5 waves. Rastani believes we now have entered the ultimate wave of a bull development that began firstly of 2019 and that ought to see its high sooner or later 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 could coincide with a broader downtrend in conventional markets, which might come “within the subsequent couple of years.” Rastani identified that Bitcoin could be negatively affected by a inventory market correction, provided that each shares and BTC are risk-on property.
“When there’s an urge for food for danger, each markets go up. However when there’s low urge for food, when there’s little urge for food for danger, they go down.”