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Crypto analyst Mapping guy has provided a major update on Bitcoin price action as BTC hit a new all-time high (ATH) at $108,000. The analyst drew similarities between the current price and that of 2023, while revealing what could happen next for the flagship crypto.
What’s next if Bitcoin price reflects 2023 movement
In one X messageCharting Guy revealed that the Bitcoin price is still tracking 2023. The analyst predicted that the flagship crypto could reach the $110,000 to $120,000 range at this stage, with this increase expected to occur later this week or early next week. It appears that Bitcoin is already heading towards this price target, having recently reached a new price target ATH at $108,000.
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Charting Guy also predicted that Bitcoin price would challenge resistance on a daily basis Relative Strength Index (RSI)which forms a triple bearish divergence and marks a slight local top for the flagship crypto. Once that happens, the analyst thinks Bitcoin will consolidate between $105 and $115,000 for a few weeks.
Bitcoin price could then fake-out to the $125,000 to $130,000 range during Donald Trump’s inauguration, with a quick dump afterward. Charting Guy predicts that this dump could perhaps lead to a final retest of the $100,000 psychological level. Once that happens, Bitcoin could begin its final stretch, starting from mid-February to the 1.618 Fibonacci level at around $170,000. The analyst believed that this could be the cause last cycle top.
What happens if BTC consolidates?
While Bitcoin price consolidates from around Christmas to Donald Trump’s inaugurationCharting Guy believes altcoins will go “absolutely insane.” The analyst also predicts that these altcoins will witness another parabolic rally about a month after Bitcoin tops out in late March.
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This altcoins are expected to move higher as Bitcoin price hits lower highs. Charting Guy noted that different altcoins can peak at different times. Some could happen early next year, some during the inauguration, and some when BTC tops out in March or possibly extends into April. The analyst is confident that all these altcoins will have a major top in the first quarter of next year, with an extension into April possible for some coins.
Charting Guy stated that the exact top for these altcoins will depend on each altcoin and its chart structure, number of waves, Fibonacci levelsand other technical indicators. The analyst specifically highlighted LINK and XRP, stating that wave 3 of both coins could peak early in the first quarter, with a correction from wave 4 in the summer and a fifth wave higher in August and September. The analyst added that the fifth wave is not really guaranteed and is speculative.
Featured image created with Dall.E, chart from Tradingview.com