Saturday , May 21 2022

Cryptocurrency analyst says Bitcoin has entered the final phase of a major uptrend



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Cryptocurrency trader and analyst Alessio Rastani believes in Bitcoin ( BTC ) is entering its final bull market phase, which will propel the leading cryptocurrency towards a price target of $100,000.

To explain his prediction, Rastani cited Elliott’s wave theory, which divides upward price trends into five waves. Rastani believes we are entering the final wave of an uptrend that started in early 2019 and is expected to peak next year.

“Once these five-wave action is complete, I expect a bear market,” he said.

Elliott Waves Model. Source: Lidertrader.com

Citing research by behavioral finance expert Jason Goepfert, Rastani predicted that Bitcoin’s next bear market could coincide with a broader downtrend that could occur “in the next few years” in traditional markets.

Rastani pointed out that Bitcoin will be negatively impacted by the stock market correction, as both stocks and BTC are risky assets.

“When there is risk appetite, both markets go up. But they fall when appetite is low, when risk appetite is low. ”

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