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Crypto analyst The Charting Guy provided a major update on Bitcoin price action as BTC hit an all-time high (ATH) at $108,000. The analyst drew parallels between the current price and that of 2023 while revealing what could happen next for the top crypto.
Next As Bitcoin Price Mirrors 2023 Move
In an X postThe Charting Guy reveals that the price of Bitcoin is still following 2023. The analyst predicted that the flagship crypto could hit the area of $ 110,000 to $ 120,000 this leg, and this explosion is expected to happen later this week or early next week. Bitcoin seems to be already on its way to this price target, as it has just hit a new one ATH at $108,000.
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Charting Guy also predicted that Bitcoin price will hit daily resistance Relative Strength Index (RSI)which forms a bearish triple breakout, marking a slightly higher point for the leading crypto. If that happens, the analyst believes that Bitcoin will consolidate between $ 105 and $ 115,000 for several weeks.
Bitcoin price may record a fakeout rise to $125,000 to $130,000 range on Donald Trump’s inauguration with immediate rejection. Charting Guy predicts that this rejection may lead to a final retest of the $100,000 psychological level. Once that is done, Bitcoin can start the last leg up, from mid-February to the Fibonacci level of 1.618 at around $170,000. The analyst pointed out that this could mark last cycle up.
What Happens As BTC Consolidates
As the price of Bitcoin increases from almost Christmas to The inauguration of Donald TrumpCharting Guy believes altcoins will go “absolutely insane.” The analyst also predicts that these altcoins will see another parabolic rally about one month after the peaks of Bitcoin in late March.
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These altcoins it is expected to grow higher while the price of Bitcoin makes a lower high. Charting Guy noted that different altcoins can rise at different times. Some may happen early next year, some at the opening, and some when BTC is high in March or maybe even April. The analyst is confident that all these altcoins will get a big peak in the first half of next year, with an extension in April possible for other coins.
Charting Guy said that the exact upside of these altcoins will depend on each altcoin and its chart structure, wave calculation, Fibonacci levelsand other technical indicators. Specifically, the analyst highlighted LINK and XRP, stating that both coins could have a wave 3 topping at the beginning of Q1, with a wave 4 correction in the summer and a fifth wave peaking in August and September. The analyst added that the fifth wave is not really confirmed and is speculative.
The featured image was created with Dall.E, a chart from Tradingview.com
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