Bitcoin Price Still Mirroring Bullish Move From 2023, What To Expect After Hitting $108,000 ATH

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As an analyst with years of experience in the cryptocurrency market and a knack for charting, I find myself both exhilarated and cautious as Bitcoin hits yet another all-time high. The price action mirroring that of 2023 is reminiscent of a rollercoaster ride I’ve been on before – the ups are thrilling, but the downs can be quite a drop!

Cryptocurrency expert Charting Guy has shared significant insights on Bitcoin’s recent record-breaking surge to $108,000, likening it to its 2023 value and hinting at potential future developments for this leading digital currency.

What Next As Bitcoin Price Mirrors 2023 Move

In an X post, Charting Guy revealed that the Bitcoin price is still following 2023. The analyst predicted that the flagship crypto could hit the $110,000 to $120,000 area on this leg up, with this surge expected to happen later this week or early next week. Bitcoin looks to already be on its way to this price target, having recently hit a new ATH at $108,000. 

According to Charting Guy’s analysis, he forecasted that the price of Bitcoin would reach a resistance level on its daily Relative Strength Index (RSI), resulting in a triple bearish divergence which suggests a minor peak in the crypto market. Subsequently, the analyst expects Bitcoin to stabilize within a range between $105,000 and $115,000 over the next few weeks.

According to Charting Guy’s analysis, Bitcoin’s price might briefly surge towards $125,000 to $130,000 around Donald Trump’s inauguration, followed by a sudden drop. This decline could potentially bring Bitcoin back to a test of the $100,000 psychological level. After that, Bitcoin might initiate its final ascent, from mid-February onwards, reaching approximately $170,000, which is near the 1.618 Fibonacci level. This significant peak could possibly mark the end of the current cycle.

What Happens As BTC Consolidates

During the period between Christmas and President Trump’s inauguration, Charting Guy anticipates that alternative cryptocurrencies (altcoins) will experience unprecedented growth. The analyst also foresees a second parabolic surge in altcoin values approximately one month following Bitcoin’s peak in late March.

It’s anticipated that various alternative cryptocurrencies (altcoins) could experience price increases as Bitcoin’s price forms lower highs. According to Charting Guy, these altcoin peaks may occur at different times throughout the first quarter of next year, with potential dates including the start of the new year, around the Inauguration, when Bitcoin reaches its peak in March, or even stretching into April for certain coins. The analyst is optimistic that all these altcoins will reach their highest points in the initial quarter of next year, with a possibility that some could extend their peaks to April.

According to Charting Guy, the peak for these specific altcoins isn’t set in stone but varies based on each coin’s unique chart pattern, wave count, Fibonacci ratios, and other technical factors. Notably, he pointed out LINK and XRP as possible candidates. For these two coins, he suggested that their third wave might reach its zenith in the early part of Q1, followed by a fourth wave correction through the summer. A fifth wave, potentially taking them to new highs, could extend into August and September. However, it’s important to note that this fifth wave is speculative and not guaranteed.

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2024-12-18 15:04