Crypto Analyst Charting Guy The Bitcoin price has been updated with a significant update as BTC reached a new high of $108,000. Analyst draws parallels between current Bitcoin price and 2023’s, while also predicting what may happen to flagship cryptocurrency.
Bitcoin price mirrors the 2023 move
It is a good idea to get started with a newbie. X postCharting Guy has revealed that Bitcoin is still tracking 2023. This surge is predicted to take place later this week, or even early next week. Bitcoin has recently reached a price that suggests it is on its way towards this goal. ATH at $108,000.
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Charting Guy predicted the Bitcoin price will also tap resistance on the daily basis Relative Strength Index (RSI)The triple divergence is a sign of a local peak for Bitcoin. The analyst predicts that Bitcoin’s price will then consolidate in a range between $105 and $115,000 over the next few weeks.
Bitcoin’s price may then fake out and move to the range between $125,000 and $130,000 just before Donald Trump is inaugurated, followed by a sudden drop. The Charting Guy believes that this drop could possibly lead to another retest on the $100,000 psychological threshold. After that, Bitcoin may begin its final climb, beginning in mid-February, to reach the Fibonacci 1.618 level, which is around $170,000. This could potentially be the end of Bitcoin’s bull run. final cycle top.
BTC consolidates: What happens?
Bitcoin’s price has been consolidating since around Christmas. Donald Trump’s inaugurationThe Charting Guy is confident that altcoins can go up. “absolutely insane.” Analysts predict that altcoins are also set to experience a parabolic rise roughly a month after Bitcoin reaches its peak in late March.
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You can also find out more about the following: altcoins The Bitcoin price is expected to make lower highs. Charting Guy pointed out that altcoins may top at various times. Some may happen during the Inauguration of 2019, others at the start next year and still others in March when BTC is on top. Analyst is confident all altcoins are going to reach a significant top during the first quarter next year. Some coins may even extend their peak into April.
Charting Guy said that the exact peak for altcoins would depend on its chart, wave count and each altcoin. Fibonacci levelsOther technical indicators. Analyst highlighted LINK, XRP and other technical indicators, stating both coins may have their wave three toppings in early Q1, a wave four correction to the summer months and a higher fifth wave into August/September. Analyst added that the 5th wave was speculative and not guaranteed.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com
