Check out the latest information in Spanish.
Cryptocurrency analyst Charting Guy provided an important update on Bitcoin price trends after BTC hit a new all-time high (ATH) of $108,000. Analysts have drawn similarities between current prices and prices in 2023, revealing what will happen next for the flagship cryptocurrency.
What will happen next for Bitcoin price reflecting the movement in 2023?
In the X post, Chart Guy revealed that Bitcoin price will continue into 2023. Analysts predict that the flagship cryptocurrency could reach the $110,000 to $120,000 region with this leg up, with the rally occurring late this week or early next week. Bitcoin already appears to be on track towards this target price, recently reaching a new ATH of $108,000.
Related books
Source:X
Charting Guy also predicted that Bitcoin price will hit the daily Relative Strength Index (RSI) resistance and form a triple bearish divergence, marking a slight local high for the flagship cryptocurrency. If that happens, analysts believe Bitcoin will consolidate between $105 and $115,000 in the coming weeks.
Bitcoin prices may then record a false move between $125,000 and $130,000 in the run-up to President Donald Trump's inauguration, before falling rapidly. The Charting Guy predicts that this dumping could possibly lead to a final retest of the $100,000 psychological level. Once that is done, Bitcoin could begin its final rally starting in mid-February to the 1.618 Fibonacci level around $170,000. The analyst said this could be the top of the final cycle.
What will happen if BTC consolidates?
The Charting Guy believes altcoins will go “totally crazy” as Bitcoin prices stabilize from around Christmas until President Donald Trump's inauguration. Analysts also predict that these altcoins will see another parabolic rally about a month after Bitcoin hit its all-time high in late March.
Related books
These altcoins are expected to rise further while Bitcoin price cuts off its highs. The Chart Guy pointed out that different altcoins may reach new highs at different times. Some could happen early next year, some during the inauguration, and others when BTC reaches its all-time high in March or possibly extends into April. there is. Analysts believe that all these altcoins will reach significant highs in the first quarter of next year, with some coins potentially extending into April.
The Charting Guy said that the exact high prices for these altcoins depend on each altcoin and its chart structure, wave numbers, Fibonacci levels, and other technical indicators. Specifically, analysts highlighted LINK and XRP, with both coins seeing wave 3 peaks at the beginning of the first quarter, wave 4 corrections over the summer, and wave 5 highs from August to September. He said that there is a possibility that The analyst added that a fifth wave is not really guaranteed and is just speculation.
BTC price drops to $103,000 | Source: BTCUSD on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
