Bitcoin News, Market Analysis

Bitcoin Is Near To The Conclusion Of A Significant Bull Run – Analysis.

Alessio Rastani, a trader and cryptocurrency expert, says Bitcoin (BTC) is nearing the end of its current bull market, which would drive the top cryptocurrency to a price objective of $100,000.

Rastani used the Elliott Wave Theory to explain his forecast, which separates upward price movements into five waves. Rastani believes we have reached the last wave of a bull trend that began in January of this year and is expected to peak next year.

Bitcoin Is Near To The Conclusion Of A Significant Bull Run - Analysis.

I’m anticipating a bear market after this five-wave move is over, he added.

Rastani projected that the next Bitcoin bear market will coincide with a larger decline in traditional markets, which may happen in the next couple of years, citing research by behavioral finance specialist Jason Goepfert. Given that both stocks and Bitcoin are risk-on assets, Rastani pointed out that a stock market downturn would have a negative impact on BTC.

Both markets rise when there is a desire to take risks. They fall when there is a lack of hunger when there is a lack of desire for danger.

Bitcoin Is Near To The Conclusion Of A Significant Bull Run - Analysis.

Bitcoin Long-run Bullish Trend

While explaining further, Rastani added:

“I have been bullish on bitcoin since late March and early April 2020—especially when I saw BTC holding the weekly 200 moving average (200 WMA). This was an important bullish clue, and as long as BTC remains above 7000, I will continue to remain bullish for the long-term.”

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