Crypto analyst Charting Guy reports that Bitcoin hit a new all time high (ATH) of $108,000 early today, following a bullish trajectory expected for 2023. The cryptocurrency could go even higher, touching $110,000 to $120,000 around the year’s end or by early next week, says the analyst.
In his latest chart featuring the current price action, which compares it to movements in 2023, Guy says the current Bitcoin price action is vulnerable to resistance against daily Relative Strength Index (RSI), which might lead to a local top and a triple bearish divergence.
Bitcoin Set To Consolidate Between $105K And $115K
However, after the resistance levels, Bitcoin is likely to consolidate in a range between $105,000 and $115,000, for a few weeks. Expect a brief surge to the $125,000 to $130,000 range at perhaps Donald Trump’s inauguration, and then a sharp pullback to test the $100,000 psychological support level.
Ahead, Charting Guy sees Bitcoin price beginning final leg upward in mid February, /s / $170,000 peak of current cycle. It is expected that this surge will hit the 1.618 Fibonacci extension level.
The analyst also sees that while Bitcoin consolidates through the end of the year and into early 2024 the altcoins will grow mostly in parabolic rally still starting in late March. However, altcoins are expected to peak at different times, according to their own market structure.
Concretely, Charting Guy points LINK and XRP which, he believes, should put in their wave 3 highs early Q1, forming corrections into the summer, before finally reaching new highs towards the end of the year. However, the analyst said that all of these projections are speculative, especially on when the fifth wave in these altcoins will occur.
