Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin (BTC) tries the $100,000 support zone after falling to $98,000 during the recent market shakeout. According to some market watchers, the flagship crypto’s recent performance resembles its December 2023 trajectory, suggesting that BTC might see a massive breakout soon. Related Reading: Bitcoin Could Peak Between $160,000 And $290,000 If These Historical Patterns Repeat \u2013 Report Bitcoin Price Mirrors December 2023\u2019s Performance On Wednesday, Bitcoin and the rest of the crypto market saw a massive correction after the US Federal Reserve (Fed) announced a 25-basis-point rate cut and signaled fewer cuts than expected in 2025. The flagship cryptocurrency dropped 9.2% from its $108,135 all-time high (ATH), briefly falling below the $99,000 on support before recovering. BTC quickly climbed back to $100,000, surging 2% on Thursday morning to the $102,000 resistance. After the dump, crypto trader Follis suggested that this month\u2019s price action mirrored BTC\u2019s 2023 trajectory. The trader stated that Bitcoin was \u201crepeating the December playbook from last year,\u201d forecasting that a pump to a new high is coming soon. Per the chart, BTC moved within the $40,000-$45,000 price range before breaking out in January 2024. The breakout was followed by a significant 20% correction to the previous consolidation zone, briefly dipping below this range. However, Bitcoin reclaimed the breakout levels in the following weeks and surged another 47% to its March ATH of $73,000. If the largest crypto by market cap continues to follow this \u201cplaybook,\u201d then its price could see a correction below $88,000 by year-end before resuming its bullish run to new highs. Similarly, Daan Crypto Trades pointed out that BTC\u2019s performance in Q4 resembles its Q4 2023 price action. The analyst stated that Bitcoin will likely continue the \u201cslow hoppy grind up before the actual breakout\u201d happens. He recommended \u201czooming out\u201d as the short-term chart \u201cdoesn\u2019t look pretty\u201d but noted that BTC\u2019s price is still \u201ctrending up slowly.\u201d Analyst Warns Of BTC\u2019s Daily Close Other analysts suggested that the coming hours will be decisive for BTC\u2019s short-term performance. Rekt Capital asserted that holding the $100,000 support was crucial, as failing to maintain this level could send Bitcoin below the previous key resistance of $98,000. Moreover, a daily close above the $101,000 mark would be necessary to prevent this range from turning into resistance again. The analyst emphasized that \u201cdoing so could kickstart a chain of events where BTC starts to lose support level by level.\u201d Related Reading: Sentiment For Ethereum Hits 1-year Low, Analyst Says A Massive Run Is Coming He added that a close above this level would invalidate the short-term bearish outlook. Previously, the analyst explained that Bitcoin is amid the first \u201cPrice Discovery Correction,\u201d which tends to happen between the 6thand 8th week of BTC\u2019s post-halving \u201cParabolic Upside Phase\u201d: As a result, over the next 3 weeks or so, I am going to be increasingly cautious about retest attempts, and given BTC\u2019s history at this point in the cycle, I wouldn\u2019t be surprised to see key levels get invalidated. However, he emphasized that the \u201cSecond Price Discovery Uptrend\u201d will follow the big correction. As of this writing, Bitcoin has dipped below the $100,000 support level, registering a 5.1% 24-hour drop to the $98,900 mark. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":570427,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,85533,89196,1119,78790,26263,92978,10923,93291,89756],"class_list":["post-665439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-bull-run","tag-bitcoin-bullish-breakout","tag-btc","tag-btcusdt","tag-crypto-analyst","tag-crypto-bull-run-2024","tag-crypto-market","tag-crypto-market-correction","tag-crypto-trader"],"acf":[],"yoast_head":"\n
Bitcoin Repeating Dec. 2023 Path: \u2018Actual Breakout\u2019 Yet To Come?<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n