Bitcoin Price Hits New ATH of $108,000, Predicted to Reach $120,000
Crypto analyst Charting Guy reported on Bitcoin's price action as BTC reached a new all-time high (ATH) of $108,000. The analyst compared the current price movement to that of 2023 and outlined potential future scenarios for Bitcoin.
Bitcoin Price Projection
In an X post, Charting Guy indicated that Bitcoin continues to follow its 2023 trajectory. The analyst forecasts that Bitcoin may rise to between $110,000 and $120,000 later this week or early next week, following its recent ATH of $108,000.
Charting Guy also noted that Bitcoin might approach resistance levels on the daily Relative Strength Index (RSI), potentially forming a triple bearish divergence, indicating a local top. Following this, consolidation is expected between $105,000 and $115,000 for several weeks. A possible spike to the $125,000 to $130,000 range could occur around Donald Trump’s inauguration, followed by a decline that might retest the psychological $100,000 level. This could set the stage for a final upward move towards the 1.618 Fibonacci level at approximately $170,000, marking what could be the final cycle top.
Implications of BTC Consolidation
During Bitcoin's consolidation from Christmas to Donald Trump’s inauguration, Charting Guy predicts significant activity in altcoins. He expects these altcoins to experience a parabolic rally about one month after Bitcoin reaches its peak in late March.
Altcoins are anticipated to rise while Bitcoin makes lower highs, with varying peak times for different coins. Some altcoins may peak early next year, others during the Inauguration, and some when Bitcoin tops in March or possibly extends to April. Charting Guy believes all altcoins will likely see major peaks in Q1, with potential extensions into April for some. Specific altcoins like LINK and XRP are highlighted, with expectations for wave 3 peaks in early Q1, followed by corrections and potential higher highs into August and September. However, the fifth wave scenario remains speculative.
