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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Bitcoin Price Repeating December 2023’s Playbook: Is The ‘Actual Breakout’ Yet To Come?

Rubmar Garcia
Rubmar Garcia
4 months ago
3 mins read
Bitcoin, Crypto, BTC

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Este artículo también está disponible en español.

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.

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Bitcoin Price Mirrors December 2023’s 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 month’s price action mirrored BTC’s 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.

Bitcoin
BTC’s performance resembles the December 2023 trajectory. Source: Follis on X

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 BTC’s 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 “doesn’t look pretty” but noted that BTC’s price is still “trending up slowly.”

Analyst Warns Of BTC’s Daily Close

Other analysts suggested that the coming hours will be decisive for BTC’s 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.”

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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 BTC’s 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 BTC’s history at this point in the cycle, I wouldn’t 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.

Bitcoin, btc, btcusdt
Bitcoin’s performance in the one-week chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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