Friday , September 30 2022

A cryptocurrency analyst says Bitcoin has entered the final stages of a major boom



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Alessio Rastani, a cryptocurrency trader and analyst, believes in Bitcoin ( BTC ) enters the final bull market stage, which will lead the leading cryptocurrency to the price target of $ 100,000.

Rastani cited Elliott’s wave theory, which divides upward price trends into five waves to explain its forecast. Rastani believes that we have entered the last wave of the rise, which began in early 2019 and is expected to reach its peak next year.

“When this five-wave movement is complete, I look forward to the bear market,” he said.

Elliott Waves Model. Source: lidertrader.com

Based on research by behavioral finance expert Jason Goepfert, Rastani predicts that next month’s Bitcoin market will coincide with a broader downtrend in traditional markets that could occur “in the next few years.”

Rastani said that since both stocks and BTC are risky assets, Bitcoin will be negatively affected by the correction of the stock market.

“When there is a risk appetite, both markets go up. But when the appetite is low, the risk goes down when the appetite is low. ”

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