Bitcoin is close to $ 61,000 but the bullish stage could be coming to an end

Bitcoin is close to $ 61,000 but the bullish stage could be coming to an end
Bitcoin is close to $ 61,000 but the bullish stage could be coming to an end

The cryptocurrency trader and analyst Alessio Rastani believes that Bitcoin (BTC) is entering the final stage of the current bull market, which will propel the leading cryptocurrency to a price target of $ 100,000. To explain his prediction, Rastani cited the Elliott wave theory, which divides upward price trends into five waves. Rastani believes that we have entered the final wave of an uptrend that started in early 2019 and should peak sometime next year.

“When this five-wave move is complete, then I expect a bear market,” he said.

Citing research by behavioral finance expert Jason Goepfert, Rastani predicted that Bitcoin’s next bear market may coincide with a broader downtrend in traditional markets, which could come “in the next few years.” Rastani noted that Bitcoin would be adversely affected by a stock market correction, given that both stocks and BTC are risky assets.

Bitcoin had hit $ 62,940 hours after the Wall Street open on Friday when news came that regulators were about to approve two ETF applications after years of attempted requests. These ETFs will hold Bitcoin futures of CME as an underlying asset, rather than Bitcoin itself, with the Securities and Exchange Commission (SEC) set to begin deciding the fate of “physical” ETFs next month.

Despite the slight correction that the cryptocurrency seems to be undergoing, the outlook for the rest of 2021, however, remains optimistic in the eyes of analysts, and Bitcoin is tilted to reach $ 100,000.

Analyst perspectives

Gregory Klumov, CEO of EXANTE’s sister company, said that Bitcoin’s share of the cryptocurrency market has declined because investors have turned their attention to other projects. “Bitcoin will eventually hit the $ 100,000 target. The inertia mechanism that was launched a long time ago will inevitably take the first cryptocurrency to new all-time highs, “said the expert.

The CEO of Delta Exchange noted that Bitcoin has been rebounding from approval expectations of a futures ETF as early as tomorrow. “Although traders expect the approval to be a mere formality, any negative surprise can catch the market off guard and trigger a strong sell-off. Overall, Bitcoin’s volatility will be high regardless of how the decision plays out,” he stated.

Simon Peters, crypto assets analyst at eToro, admitted that the most recent rise in Bitcoin prices was primarily due to growing confidence that the SEC will approve the launch of a Bitcoin-based ETF. “The prospect of a new all-time high in a matter of weeks should not distract investors from their long-term goals, and a patient approach remains the most prudent. However, the market is clearly reacting positively as we move forward. we are getting closer and closer to the ‘holy grail’ of a bitcoin ETF of the underlying asset, “he added.

According to Will Morris, a sales trader for UK-based digital asset broker GlobalBlock, he drew attention to the view that Bitcoin would need to break the $ 59-60k level to enter an extremely bullish phase: ” All-time highs of nearly $ 65,000 will be the next level of resistance before a possible price discovery phase. While the price of BTC has rallied fiercely in recent weeks, the balance of Bitcoin on exchanges remains. at the lowest levels in nine months, indicating that investors are holding Bitcoin in wallets rather than preparing to sell, “he concluded.

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