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Cryptographic analyst graphics guy has provided an important update on bitcoin price action as btc hit a new all-time high (ATH) of $108,000. The analyst found similarities between the current price and that of 2023 and revealed what could happen next for the flagship cryptocurrency.
What's next as bitcoin price mirrors 2023 move?
in a <a target="_blank" href="https://x.com/ChartingGuy/status/1869036237454987269″ rel=”nofollow”>x publicationCharting Guy revealed that bitcoin price is still heading into 2023. The analyst predicted that the flagship cryptocurrency could reach the $110,000 to $120,000 area in this stretch, with this rise expected to occur later this week or early the next one. bitcoin appears to already be on its way to this price target, having recently reached a new ATH at $108,000.
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Charting Guy also predicted that bitcoin price would exploit resistance on a daily basis. <a target="_blank" href="https://bitcoinist.com/bitcoin-hourly-chart-signals-rebound-to-95k-96k-with-bullish-rsi-divergence-analyst-says/” rel=”nofollow”>Relative Strength Index (RSI)forming a bearish triple divergence, marking a slight local high for the flagship cryptocurrency. Once that happens, the analyst believes bitcoin will consolidate between $105 and $115,000 for a few weeks.
bitcoin price could then record a false move to the $125,000 to $130,000 range at Donald Trump's inauguration, with a rapid drop afterwards. Charting Guy predicts that this drop could perhaps lead to a final retest of the $100,000 psychological level. Once this is done, bitcoin could begin the final leg up, starting in mid-February to the 1.618 Fibonacci level at around $170,000. The analyst believed that this could mark the <a target="_blank" href="https://bitcoinist.com/bitcoin-bull-run-market-top/” rel=”nofollow”>top of final cycle.
What happens as btc consolidates
As bitcoin price consolidates from around Christmas to Donald Trump's inaugurationCharting Guy believes altcoins will go “absolutely crazy.” The analyst also predicts that these altcoins will witness another parabolic rally about a month after bitcoin peaks in late March.
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These alternative currencies They are expected to rise further as bitcoin price reaches lower highs. Charting Guy noted that different altcoins could peak at different times. Some could happen early next year, some during the inauguration, and others when btc peaks in March or possibly extend into April. The analyst is confident that all of these altcoins will reach a major high in the first quarter of next year, with a possible extension into April for some coins.
Charting Guy stated that the exact top of these altcoins will depend on each altcoin and its chart structure, wave count, fibonacci levelsand other technical indicators. Specifically, the analyst highlighted LINK and XRP, stating that both coins could have their wave 3 peaking early in the first quarter, with a wave 4 correction in the summer and a higher fifth wave in August and September. The analyst added that the fifth wave is not really guaranteed and is speculative.
Featured image created with Dall.E, chart from Tradingview.com
