Bitcoin replicates the 2024 pattern: get ready for the BTC rally

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A strategic support tested by Bitcoin could be the signal that many were waiting for a new phase of price discovery, according to the echo of the dynamics seen in November 2024, when the price rose from $70,000 to $108,000 after a similar technical structure.

Why is the current support of Bitcoin so relevant?

The most discussed parallel at the moment is with the confirmation of support that occurred in November 2024. At that time, after breaking a strong resistance, Bitcoin had confirmed the holding of the area around $70,000, paving the way for a rally of over 50%. The current retracement is attracting the attention of traders like Galaxy, for whom the chart configuration suggests that history might repeat itself.

On Bitcoin now the issue is the holding of a trendline that, unlike the one in November, is ascending and not descending. In case of success in consolidating above this line, many analysts expect a new phase of price discovery. The key support monitored in recent sessions was located just above $112,000.

Is Bitcoin at risk of new lows in the short term?

Despite the volatility at its lowest, several analysts have denied the possibility that Bitcoin could return to the lower levels of the beginning of the year. The high at $109,300 recorded in January represents for many the “ultimate” support area.

During this market cycle, every time Bitcoin has generated a swing low (April, June, and briefly in August), the price has not returned to visit those lows: a sequence that, if confirmed, would exclude new violent drawdowns like the one seen after the all-time high in January (-30%).

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