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\u2019s recent performance resembles its December 2023 trajectory, suggesting that BTC might see a massive breakout soon.<\/p>\n
On Wednesday, Bitcoin and the rest of the crypto market saw a massive correction<\/a> 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 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 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<\/a> 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 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>\nAnalyst Warns Of BTC\u2019s Daily Close<\/h2>\n