According to TOP analysts, Bitcoin could soar to $ 100,000 before the end of the bull cycle
Analyst Alessio Rastani believes Bitcoin (BTC) is entering the final phase of a bull market that will propel the leading cryptocurrency towards its $ 100,000 target.
To explain his prediction, Rastani cited the Elliott Wave Theory, which divides uptrends into five waves. Rastani believes Bitcoin has entered the final wave of an uptrend that began in early 2019 and will peak sometime next year.
BTC / USD weekly chart | Source: Alessio Rastani
“As soon as this five-wave move is complete, I expect a bear market.”
Elliott wave pattern | Source: Führendertrader.com
Citing research by financial expert Jason Goepfert, Rastani predicts that Bitcoin’s next bear market could coincide with a broader downtrend in the traditional market that may come “in the next few years.”
S&P 500 chart | Source: Alessio Rastani
Looking at the chart of the S&P 500, the analyst points out that he has passed the 20% mark on the bear market probability indicator and the macro index, which in the past has often signaled highs for the S&P 500. This means that the S&P 500 is at or very close to the top of an uptrend.
Rastani believes that if the stock market corrects, Bitcoin will be negatively affected as both stocks and BTC are risky assets.
“When the risk appetite is high, both markets rise. But when that’s gone, they’ll start falling. ”
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According to Cointelegraph