Cryptocurrency analyst Chart guy provided a major update on Bitcoin price action as BTC hit a up-to-date all-time high (ATH) of $108,000. The analyst noted similarities between the current price and the 2023 price, while revealing what could happen next for the flagship cryptocurrency.

What’s next as Bitcoin price reflects 2023 move

In Post XCharting Guy revealed that Bitcoin’s price is still trading at 2023 levels. The analyst predicted that the flagship cryptocurrency could hit the $110,000 to $120,000 area here, with that raise expected to happen later this week or later early next week. It appears that Bitcoin is already on its way to this target price, having recently reached a up-to-date one ATH for $108,000.

Charting Guy also predicted that Bitcoin price will hit daily resistance Relative Strength Index (RSI)creating a triple bearish divergence, marking a minor local top for the flagship cryptocurrency. When this happens, the analyst believes Bitcoin will consolidate in the $105,000 to $115,000 range for several weeks.

Bitcoin’s price could then see a false upward move to the $125,000 to $130,000 range at the time of Donald Trump’s inauguration, followed by a quick dump. Charting Guy predicts this dump could lead to an eventual $100,000 psychological retest. Once this happens, Bitcoin could begin its final phase of gains, starting in mid-February to reach the Fibonacci level of 1.618 at around $170,000. The analyst opined that this could mean peak of the last cycle.

What will happen during BTC consolidation

As Bitcoin price consolidates from around Christmas to Donald Trump’s inaugurationCharting Guy believes altcoins will go “absolutely crazy”. The analyst also predicts that these altcoins will witness another parabolic rally roughly a month after Bitcoin’s slow March peak.

These altcoins are expected to rise while Bitcoin price hits lower highs. Charting Guy noted that different altcoins may peak at different times. Some may take place early next year, others during the inauguration, and still others when BTC peaks in March or possibly continues into April. The analyst believes that all these altcoins will reach a significant peak in the first quarter of next year, with a possible extension to April for some coins.

Charting Guy stated that the exact peak for these altcoins will depend on each altcoin and its chart structure, wave number, Fibonacci levelsand other technical indicators. In particular, the analyst highlighted LINK and XRP, stating that wave 3 of both coins could peak early in the first quarter, with a correction in wave 4 in the summer and a higher wave 5 in August and September. The analyst added that a fifth wave is not really guaranteed and is speculative.

Featured image created with Dall.E, chart from Tradingview.com