Bitcoin Price Still Mirroring Bullish Move From 2023, What To Expect After Hitting $108,000 ATH
cryptocurrency analyst Cartographer Provided a major update on Bitcoin price action, with Bitcoin hitting a new all-time high (ATH) of $108,000. The analyst compares current prices to what they will be in 2023, while revealing what might happen next for the flagship cryptocurrency.
Bitcoin price reflects 2023 trends, what’s next
in a X postsChart experts reveal that Bitcoin price is still beyond 2023. Analysts predict that the flagship cryptocurrency may hit the $110,000 to $120,000 area during this rally, with the surge expected to occur later this week or early next week. Bitcoin already looks to be heading towards this price target, having recently reached a new one ATH is $108,000.
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The charting expert also predicts that Bitcoin price will hit daily resistance levels Relative Strength Index (RSI)forming a triple bearish divergence, marking a minor local top for the flagship cryptocurrency. Once this happens, analysts believe Bitcoin will consolidate between $105 and $115,000 within a few weeks.
Then, during the inauguration of Donald Trump, Bitcoin prices may experience a false surge to $125,000 to $130,000, followed by a rapid decline. Charting Guy predicts that this sell-off could lead to an eventual retest of the psychological $100,000 level. Once this is completed, Bitcoin can begin its final rise, reaching the 1.618 Fibonacci level starting in mid-February, around $170,000. Analysts believe this could mark top of final loop.
What happens when BTC consolidates
As Bitcoin price consolidates from around Christmas to Donald Trump’s inaugurationcharting experts believe altcoins will be “absolutely crazy.” The analyst also predicts that these altcoins will witness another parabolic rally about a month after Bitcoin peaked in late March.
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These Altcoins A rise is expected, with Bitcoin price making lower highs. Chart experts note that different altcoins may peak at different times. Some could happen early next year, some could happen during the inauguration, and some could happen when BTC peaks in March or could extend into April. Analysts believe that all of these altcoins will achieve significant tops in the first quarter of next year, with some of these coins potentially extending into April.
Chart experts say the exact top of these altcoins will depend on each altcoin and its chart structure, wave number, Fibonacci levelsand other technical indicators. Specifically, analysts highlighted LINK and XRP, noting that both coins are likely to hit wave 3 peaks early in the first quarter, a wave 4 correction heading into the summer, and wave 5 higher highs heading into August and September. moon. The analyst added that a fifth wave is not really guaranteed and is speculative.
Featured image created using Dall.E, chart from Tradingview.com
