Bitcoin just hit a new all-time high of $108,000! What’s next? One analyst, Charting Guy, has some predictions.
Bitcoin’s Price Path: $170,000?
Charting Guy sees strong similarities between Bitcoin’s current price action and its 2023 performance. He believes Bitcoin is headed for the $110,000-$120,000 range sometime this week or early next week.
However, he also anticipates a slight pullback. He expects Bitcoin to hit resistance on the daily RSI, creating a triple bearish divergence. This will signal a temporary top, leading to a consolidation period between $105,000 and $115,000 for a few weeks.
After this consolidation, he predicts a fake-out move towards $125,000-$130,000 around Donald Trump’s inauguration, followed by a sharp drop. This drop might retest the $100,000 level. Then, from mid-February, Bitcoin could embark on its final leg up, potentially reaching the 1.618 Fibonacci level – around $170,000 – which Charting Guy suggests could be the cycle’s peak.
Altcoin Mania: Get Ready to Ride the Wave
While Bitcoin consolidates from around Christmas to Trump’s inauguration, Charting Guy believes altcoins will explode. He predicts another parabolic rally roughly a month after Bitcoin peaks in late March.
Different altcoins will likely peak at different times. Some could top early next year, others around the inauguration, and still others when Bitcoin peaks in March, or even into April. He’s confident most will top in Q1 2024, with some potentially extending into April. The exact timing will depend on individual altcoin charts, wave counts, Fibonacci levels, and other technical indicators.
He specifically highlighted LINK and XRP, suggesting both might peak in early Q1, followed by a correction in the summer and a potential (but not guaranteed) fifth wave higher in August/September.
