Crypto analyst Recording Guy has given a major update on Bitcoin price action as BTC hit an all-time high (ATH) at $108,000. The analyst drew similarities between the current price and the price of 2023 while revealing what could happen again for the main crypto brand.
What's Next Bitcoin Price Mirror 2023 Movement
In the X postCharting Guy revealed that the price of Bitcoin is still following 2023. The analyst predicted that the major crypto company could hit the range of $110,000 to $120,000 on this leg up, with the expectation that this increase will occur more later this week or early next week. Bitcoin already seems to be on its way to this price target, having recently hit a new one today stands at 108 000 $.
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Charting Guy also predicted that the price of Bitcoin would hit the front on a daily basis Relative Strength Index (RSI)creating a triple bearish divergence, marking a small local top for the major crypto company. Once that happens, the analyst believes that Bitcoin will consolidate between $105 and $115,000 for a few weeks.
Bitcoin price could then register a false move up to the $125,000 to $130,000 range into the inauguration of Donald Trump with a quick dump afterwards. Charting Guy predicts that this dump could lead to a final retest of the $100,000 psychological level. Once that is done, Bitcoin could then start the last leg up, starting from mid-February to the 1.618 Fibonacci level at around $170,000. The analyst believed that this could indicate the signal top of last circle.
What happens when BTC consolidates
As the Bitcoin price consolidates from around Christmas to Donald Trump was inauguratedCharting Guy believes altcoins will “go completely crazy.” The analysis also predicts that these altcoins will see another parabolic rally about a month after Bitcoin's peak at the end of March.
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These are altcoins It is expected to rise higher while the price of Bitcoin makes lower highs. Charting Guy noted that different altcoins may peak at different times. Some could happen at the beginning of next year, some during the inception, and others when BTC will peak in March or maybe extend to April. The analysis is sure that all these altcoins will get a big top in the first quarter of next year, with an extension to April possible for some coins.
Charting Guy said that the exact ceiling for these altcoins will depend on each altcoin and its chart structure, wave count, Fibonacci levelsand other technical indicators. In particular, the analyst singled out LINK and XRP, saying that both coins could have a wave 3 early in Q1, with a wave 4 correction into the summer and a fifth wave higher in August and September. The analyst said that the fifth wave is not really certain and is speculative.
Featured image created by Dall.E, chart from Tradingview.com
