{"id":5213,"date":"2025-06-07T18:13:12","date_gmt":"2025-06-07T18:13:12","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/bitcoin-repeating-2024-rally-analysts-eye-real-breakout-to-120000\/"},"modified":"2025-06-07T18:13:12","modified_gmt":"2025-06-07T18:13:12","slug":"bitcoin-repeating-2024-rally-analysts-eye-real-breakout-to-120000","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/bitcoin-repeating-2024-rally-analysts-eye-real-breakout-to-120000\/","title":{"rendered":"Bitcoin Repeating 2024 Rally? Analysts Eye \u2018Real Breakout\u2019 To $120,000"},"content":{"rendered":"

Amid the Trump-Musk online feud, Bitcoin (BTC) has hovered within the mid-and-low areas of its local price range, hitting a one-month low near the $100,000 support. However, some analysts suggest that the cryptocurrency is preparing for the \u201creal\u201d price jump toward a new all-time high (ATH)<\/p>\n

Bitcoin Prepares For \u2018Real Breakout\u2019<\/h2>\n

Over the past 24 hours, Bitcoin experienced significant volatility fueled by the online feud between US President Donald Trump and Tesla and X owner Elon Musk. The flagship crypto\u2019s price took a beating on Thursday afternoon after dropping by over 5% from the $105,000 level to the $100,000 support.<\/p>\n

Before the pullback, BTC had been attempting to reclaim its local mid-range area after its recent performance. Notably, the cryptocurrency traded sideways following its ATH rally to $111,980, hovering between the $106,800 and $109,700 price range.<\/p>\n

However, the cryptocurrency lost the key $106,800 support amid last week\u2019s market retracement, which saw Bitcoin drop to $102,000 over the weekend. Since then, BTC has been attempting to reclaim the current levels.<\/p>\n

After yesterday\u2019s drop, the largest cryptocurrency by market capitalization has surged 4.5%, climbing above the $104,000 level. Crypto trader Coinvo highlighted BTC\u2019s one-year chart, pointing to the similarly looking price action between 2024 and 2025.<\/p>\n

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

According to the chart, Bitcoin recorded its first major pump after reclaiming its yearly opening level, consolidating within its new range for weeks before climbing to its Q1 2024 ATH.<\/p>\n

This year, the cryptocurrency has had a similar performance, although delayed, having reclaimed the yearly opening range and surging to the first major price surge in May.<\/p>\n

Similarly, analyst Alex Clay suggested<\/a> that Bitcoin is preparing for the \u201creal breakout\u201d following its retests of the range\u2019s mid-zone resistance in Q1 2025 and a \u201cfalse\u201d breakout last month.<\/p>\n

To the analyst, \u201cWe grabbed the liquidity below the Broken Supply Zone. Now looking for a Real Breakout\u201d toward the $120,000 mark.<\/p>\n

BTC Price To Range For Two Weeks?<\/h2>\n

The Cryptonomist noted<\/a> that Bitcoin displays a 3-week bullish falling wedge formation, with the lower boundary sitting around the $101,000 level. Following the recent price drop, BTC bounced from that area, and could break out of the pattern if it reclaims the $105,000 barrier as support, targeting the $118,000-$120,000 levels.<\/p>\n

Meanwhile, market watcher Daan Crypto Trades highlighted<\/a> that its price now trades at the mid-range again, near the Monthly opening price. To the trader, \u201cit’s pretty safe to assume that these range high\/lows are good triggers for whatever larger trend follows,\u201d as BTC has been having a \u201crelatively large move early in the month.\u201d<\/p>\n

As he previously explained, Bitcoin tends to set its monthly high or low during the first week of the month, followed by a reversal in the opposite direction and a trend continuation until a new month begins.<\/p>\n

Based on this, he warned that if the price drops below yesterday\u2019s lows, it will continue to trend down for another week or two, displaying \u201cweakness and confirming a larger correction is due.\u201d<\/p>\n

Nonetheless, if price surges above the monthly highs, around the $106,700 mark, \u201cthe correction is more likely to be over and there’s a good likelihood that we head to all-time highs and beyond.\u201d<\/p>\n

\u201cGood chance we range around this area for a while, though, without any of these levels breaking,\u201d he concluded.<\/p>\n

As of this writing, Bitcoin trades at $104,224, a 2.6% increase in the daily timeframe.<\/p>\n

\"Bitcoin,<\/p>\n","protected":false},"excerpt":{"rendered":"

Amid the Trump-Musk online feud, Bitcoin (BTC) has hovered within the mid-and-low areas of its local price range, hitting a one-month low near the $100,000 support. However, some analysts suggest that the cryptocurrency is preparing for the \u201creal\u201d price jump toward a new all-time high (ATH) Bitcoin Prepares For \u2018Real Breakout\u2019 Over the past 24…<\/p>\n","protected":false},"author":1,"featured_media":5214,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[119],"tags":[56,1693,61,2400,121,62,42,725,468,281,293,440],"class_list":["post-5213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-volatility","tag-btc","tag-btc-breakout","tag-btc-price","tag-btcusdt","tag-crypto-analyst","tag-crypto-market-correction","tag-crypto-market-recovery","tag-crypto-trader","tag-donald-trump","tag-elon-musk"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/5213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=5213"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/5213\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/5214"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=5213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=5213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=5213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}