Bitcoin (BTC), the leading cryptocurrency, is currently testing the crucial $100,000 support zone. This comes after a dip to $98,000 during a recent market shakeout. Market experts are drawing parallels between Bitcoin’s current performance and its trajectory in December 2023, suggesting a potential major breakout on the horizon.
Bitcoin Price Mirrors December 2023’s Performance
In a dramatic turn of events, Bitcoin and the broader cryptocurrency market experienced a significant correction on Wednesday. This occurred after the U.S. Federal Reserve announced a 25-basis-point rate cut, accompanied by signals of fewer rate cuts than anticipated in 2025. Following this announcement, Bitcoin plummeted by 9.2% from its record all-time high of $108,135, briefly dropping below the $99,000 support level. However, it swiftly rebounded, climbing back to the $100,000 mark and surging 2% to reach the $102,000 resistance on Thursday morning.
Renowned crypto trader Follis observed that the recent price movements of Bitcoin bear a striking resemblance to its trajectory in December 2023. Follis remarked that Bitcoin appears to be “repeating the December playbook from last year,” predicting an imminent surge to new heights.
According to the historical chart, Bitcoin oscillated within the $40,000-$45,000 range before breaking out in January 2024. This breakout was followed by a substantial 20% correction, dipping briefly below the previous consolidation zone. However, Bitcoin quickly regained its breakout levels in the subsequent weeks, soaring another 47% to achieve its March all-time high of $73,000. If Bitcoin continues to follow this “playbook,” it could potentially witness a correction below $88,000 by year-end, setting the stage for a renewed bullish run to fresh highs.
Analyzing Q4 Trends and Predictions
Crypto analyst Daan Crypto Trades also highlighted that Bitcoin’s performance in the fourth quarter closely mirrors its Q4 2023 price action. The analyst predicted that Bitcoin is likely to continue its “slow hoppy grind up before the actual breakout” takes place. He advised investors to “zoom out” for a broader perspective, noting that while the short-term chart may appear unappealing, Bitcoin’s price is still “trending up slowly.”
Analyst Warns of BTC’s Daily Close
Several analysts have pointed out that the coming hours will be critical for Bitcoin’s short-term outlook. Rekt Capital emphasized the importance of maintaining the $100,000 support level, warning that failing to hold this level could push Bitcoin below the previous key resistance of $98,000. Furthermore, a daily close above the $101,000 mark is deemed essential to prevent this range from turning into resistance once again. The analyst stressed that achieving this would potentially set off a series of events where Bitcoin could start losing support levels incrementally.
He additionally explained that surpassing this level would nullify the short-term bearish outlook. Previously, Rekt Capital elaborated on Bitcoin’s current phase as the first “Price Discovery Correction,” which typically occurs between the sixth and eighth week of Bitcoin’s post-halving “Parabolic Upside Phase.”
He advised caution over the next three weeks, anticipating potential retest attempts. Given Bitcoin’s historical behavior at this stage of the cycle, he wouldn’t be surprised to see key levels being invalidated. Nevertheless, he emphasized that the “Second Price Discovery Uptrend” is expected to follow the major correction.
As of this writing, Bitcoin has slipped below the $100,000 support level, registering a 5.1% drop over 24 hours to the $98,900 mark. The crypto community remains watchful, speculating on whether the flagship cryptocurrency will recover and continue its trajectory toward new heights.
