Bitcoin (BTC), after having fallen to $98.000 during the most recent market turmoil, attempts the $100k support area. 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.
Bitcoin price mirrors December’s performance
Bitcoin, and other crypto markets saw massive gains on Wednesday. correction After the US Federal Reserve announced that it would be cutting rates by 25 basis points and forecasting fewer reductions than anticipated in 2025.
BTC, the flagship cryptocurrency, fell 9.2% off its all-time high of $108,135 before briefly slipping below support at $99,000 and recovering. BTC quickly returned to $100, surging by 2% Thursday to reach the $102,000 barrier.
Follis, a crypto-trader after the crash suggested The trader stated that BTC was following its 2023 price trajectory. Bitcoin is the currency of choice for this trader. “repeating the December playbook from last year,” Forecasting that the pump will soon reach a new peak.
According to the chart, BTC traded within the $40,000.-$45,000 range until January 2024. After the breakout, there was a 20% correction in price to the prior consolidation area.
Bitcoin then reclaimed its breakout levels and surged 47% more to reach $73,000, the ATH in March. The largest cryptocurrency by market capital will continue to move in this direction. “playbook,” Its price may then see a downward correction to below $88,000 at the end of the year before continuing its bullish trend towards new highs.
Similarly, Daan Crypto Trades pointed It’s worth pointing out that BTC’s Q4 performance resembles the price movement of Q4 2023. According to the analyst, Bitcoin is likely to continue its upward trend. “slow hoppy grind up before the actual breakout” happens.
The He Recommended “zooming out” The chart is a short-term chart “doesn’t look pretty” BTC is currently trading at a price of $0. “trending up slowly.”
Analyst Alerted to BTC Daily Close
Analysts have predicted that BTC will perform well in the short term. Rekt Capital asserted Bitcoin’s support level of $100,000 was critical, and if it is not maintained, Bitcoin could fall below its previous resistance level of $98,000.
This range would need to close daily above $101,000 in order for it not become resistance. The analyst stressed that “doing so could kickstart a chain of events where BTC starts to lose support level by level.”
The analyst added that the outlook would be invalidated if this level was closed above. The analyst had previously predicted a short-term bearish outlook. explained Bitcoins is among the top cryptocurrency. “Price Discovery Correction,” It usually occurs between the 6th and 8th weeks after BTC’s halving. “Parabolic Upside Phase”:
BTC has a history of invalidating key levels at this time in the cycle.
But he also stressed that the “Second Price Discovery Uptrend” The big influx of people will be followed by correction.
Bitcoin is currently trading below $100,000, with a drop of 5.1% in 24 hours to $98,900.
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Source: www.newsbtc.com
