Bitcoin Mimics 2024 Pattern, Eyes 80% Gain to $150,000

Bitcoin is currently mirroring a breakout pattern similar to that observed in 2024, which has sparked optimism among analysts. The current price of Bitcoin is $104,980.45, and according to an analysis prepared by Merlijn The Trader, Bitcoin is repeating a known price pattern seen in 2024. At that time, BTC experienced a liquidity grab before breaking above key resistance, eventually rallying over 80%.

This pattern has led analysts to suggest that Bitcoin may be entering a setup similar to past rallies, with the potential to target $150,000 in the coming months. Bitcoin recently rebounded from a low near $102,800, finding support at its 50-day simple moving average. This is a level that also supported price before the 2024 rally. Now, the asset is again testing range highs, with analysts pointing to a breakout above $112,000 as the next step.

Large holders have resumed accumulation during recent price dips, signaling confidence among long-term investors, especially during consolidation phases. Henry, a trader on X, noted, “We just entered the accumulation phase… $135,000 is our next short-term target.” Institutional adoption continues to grow, with 31% of BTC supply now held by centralized treasuries, according to a joint report by Gemini and Glassnode.

Meanwhile, macroeconomic conditions, such as soft inflation data, may encourage future rate cuts. Analysts believe this environment could support Bitcoin’s next leg up, with predictions ranging from $150,000 to $200,000. This technical setup, combined with the accumulation by whales, has led analysts to predict that Bitcoin could soon break through resistance levels and continue its upward trajectory. The market sentiment remains positive, with many analysts and investors expecting Bitcoin to reach new all-time highs in the near future.

Ask Aime: Could Bitcoin's latest breakout pattern indicate a potential rally towards $150,000 in the coming months, as seen in 2024?