Professional trader Alessio Rastani believes that the first cryptocurrency is confidently moving towards a six-figure price.
In his interview, Alessio referred to a generally accepted and widely used form of technical analysis - the Elliott wave theory.
According to him, Bitcoin has already entered the last stage of the current bull market, which will lead to a new historical maximum price. According to the theory, patterns based on market sentiment alternate between impulsive phases that set a trend and corrective phases that can track a trend.
The bullish impulse phase consists of 5 large waves, and the bearish corrective phase contains 3 smaller waves.
Following the natural sequence of cycles, BTC is in the fifth and final wave of the bull trend since 2019. The wave should reach its peak next year and bring the price of BTC to $100,000 dollars.
I expect a bear market after the completion of the fifth wave.
Subscribe to ForkNews on Telegram to always stay up to date with news from the world of cryptocurrencies
You May Also Like
Stanley Jung: CBDCs can prevent the collapse of the global financial system
This week, serious discussions have centered around the future place of digital assets and blockchain technology in the global financial system. As part of the Singapore Fintech Festival, many recognized authorities in the field and representatives of regulatory structures shaping global financial policy expressed their opinions. Stanley Jung, chief technical officer of IBM Blockchain for Financial Services, also did not stand aside.
Alexis Ohanian: shocks are useful, the fittest will survive
According to Bloomberg, on November 14, 2018, after maintaining a stable level for a long time, Bitcoin fell to $5,202. The value of other tokens also fell. However, according to Reddit creator Alexis Ohanian, the fall in the price of cryptocurrency is a necessary step for the further development of the area.
