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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.”
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