{"id":1907,"date":"2024-12-21T05:11:06","date_gmt":"2024-12-21T05:11:06","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-repeating-december-2023s-playbook-is-the-actual-breakout-yet-to-come\/"},"modified":"2024-12-21T05:11:06","modified_gmt":"2024-12-21T05:11:06","slug":"bitcoin-price-repeating-december-2023s-playbook-is-the-actual-breakout-yet-to-come","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-repeating-december-2023s-playbook-is-the-actual-breakout-yet-to-come\/","title":{"rendered":"Bitcoin Price Repeating December 2023\u2019s Playbook: Is The \u2018Actual Breakout\u2019 Yet To Come?"},"content":{"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.<\/p>\n

Bitcoin Price Mirrors December 2023\u2019s Performance<\/h2>\n

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.<\/p>\n

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.<\/p>\n

After the dump, crypto trader Follis suggested<\/a> 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.<\/p>\n

\"Bitcoin\"<\/p>\n

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.<\/p>\n

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.<\/p>\n

Similarly, Daan Crypto Trades pointed<\/a> 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.<\/p>\n

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<\/p>\n

Analyst Warns Of BTC\u2019s Daily Close<\/h2>\n

Other analysts suggested that the coming hours will be decisive for BTC\u2019s short-term performance. Rekt Capital asserted<\/a> 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.<\/p>\n

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<\/p>\n

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:<\/p>\n

\n

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.<\/p>\n<\/blockquote>\n

However, he emphasized that the \u201cSecond Price Discovery Uptrend\u201d will follow the big correction.<\/p>\n

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.<\/p>\n

\"Bitcoin,<\/p>\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. Bitcoin Price Mirrors December 2023\u2019s Performance On Wednesday, Bitcoin and the rest of the crypto…<\/p>\n","protected":false},"author":1,"featured_media":1908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60],"tags":[65,431,1260,73,71,114,1087,250,833,267],"class_list":["post-1907","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"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=1907"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1907\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/1908"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=1907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=1907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=1907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}