Trader and cryptocurrency analyst Alessio Rastani believes that Bitcoin (BTC) is entering the final phase of the current bull run, which will take the leading cryptocurrency to the $100,000 price target.
To explain his prediction, Rastani cited the Elliott Wave Theory, which divides the uptrend into five waves. Rastani believes that we have entered the last wave of the bull trend in early 2019 and should see it at some point next year.
“I am expecting a bear market when this five-wave move is completed,” he said.
Citing research by behavioral finance expert Jason Goeffert, Rastani predicted that the next bitcoin bear market could coincide with a broader decline in traditional markets, which could “come in the next few years”. Rastani noted that bitcoin will be negatively affected by a stock market correction, noting that both stocks and BTC are risky assets.
“When there is risk appetite, both the markets go up. But when appetite is low, when risk appetite is low, they subside.”
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