Trader and analyst Alessio Rastani, in an interview with Cointelegraph, expressed confidence that the cryptocurrency market is on the verge of a global bearish trend. According to Rastani, at the moment bitcoin has entered the final (fifth) stage of the bull market, thanks to which the asset will be able to increase its value to $ 100 thousand, writes RBC Crypto.
The trader claims that the current bullish trend started back in 2019 and will end next year.
“When this five-wave move ends, I expect a bear market,” Rastani explained.
The analyst believes that the decline in the crypto market may coincide with a downtrend in the traditional financial assets market. According to Rastani, a correction in the traditional financial market could come in the next few years. A downtrend in the stock market will negatively impact cryptocurrencies, Rastani added.
On the night of October 16, the price of bitcoin exceeded $ 62.9 thousand for the first time in six months. The last time the asset traded at this level was in mid-April, when its value renewed its all-time high at $ 64.8 thousand.
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