Bitcoin Price Repeating December 2023s Playbook: Is The Actual Breakout Yet To Come?
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 cryptos recent performance resembles its December 2023 trajectory, suggesting that BTC might see a massive breakout soon.
Bitcoin Price Mirrors December 2023s 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 months price action mirrored BTCs 2023 trajectory. The trader stated that Bitcoin was repeating the December playbook from last year, 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 playbook, 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 BTCs performance in Q4 resembles its Q4 2023 price action. The analyst stated that Bitcoin will likely continue the slow hoppy grind up before the actual breakout happens.
He recommended zooming out as the short-term chart doesnt look pretty but noted that BTCs price is still trending up slowly.
Analyst Warns Of BTCs Daily Close
Other analysts suggested that the coming hours will be decisive for BTCs 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 doing so could kickstart a chain of events where BTC starts to lose support level by level.
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 Price Discovery Correction, which tends to happen between the 6thand 8th week of BTCs post-halving Parabolic Upside Phase:
As a result, over the next 3 weeks or so, I am going to be increasingly cautious about retest attempts, and given BTCs history at this point in the cycle, I wouldnt be surprised to see key levels get invalidated.
However, he emphasized that the Second Price Discovery Uptrend 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.
Source: NewsBTC.com
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