Bitcoin News Today: Bitcoin tests key support level echoing late 2024 50% rally pattern

Bitcoin is currently retesting a key support level that some traders have noted resembles price action from late 2024, a period in which the cryptocurrency rose by approximately 50%. Trader Galaxy highlighted this structural similarity in a recent analysis published on X, suggesting that a successful retest could trigger a similar bullish trend in the near future [1]. The comparison is based on the way Bitcoin has been approaching a critical trendline, now functioning as support after having previously acted as resistance.

In late 2024, Bitcoin broke through a key level before consolidating briefly and eventually surging from $70,000 to $108,000. The current pattern, as observed by Galaxy, appears to be unfolding in a similar fashion, albeit under different macroeconomic conditions [2]. Factors such as U.S. trade policy and global economic uncertainties now influence risk appetite, making direct comparisons challenging but still noteworthy for market participants.

Short-term holders have recently exhibited a shift in behavior, reducing aggressive selling pressure and signaling a potential buildup of bullish momentum [3]. This aligns with the broader historical pattern, where such pauses in selling activity have often preceded significant price moves.

Multiple traders and analysts have pointed to the recurring nature of this price structure, suggesting that the late 2024 rally may serve as a useful reference for predicting future BTC movements [4]. While no specific price targets have been confirmed, the convergence of these observations has sparked increased speculation about Bitcoin’s potential direction in the coming weeks.

However, traders are urged to remain cautious. The market has shown reduced volatility in recent weeks, and it may take further consolidation for a clear directional move to emerge. The $109,300 level, which marked a previous high in early 2025, is also being watched as a potential key support, with some analysts dismissing the likelihood of a repeat of the earlier year’s 30% price drop [1].

Sources:

[1] Galaxy notes Bitcoin testing key support levels similar to late 2024, potentially signaling a 50% price rally if the pattern holds. https://www.ainvest.com/news/bitcoin-news-today-bitcoin-tests-key-support-level-echoing-2024-50-gains-pattern-2508/

[2] Bitcoin price analysis looked to last November for clues as to how high BTC might go if recent bull market history repeats. https://mx.advfn.com/bolsa-de-valores/COIN/BTCUSD/crypto-news/96583242/bitcoin-price-echoing-2024-pattern-that-saw-50-bt

[3] Bitcoin price echoing 2024 pattern that saw 50% BTC gains: Trader Jueves 7 ... https://mx.advfn.com/bolsa-de-valores/COIN/BTCUSD/crypto-news/96580610/bitcoin-short-term-holders-cooled-off-profit-t

[4] Bitcoin price echoing 2024 pattern that saw 50% BTC gains: Trader. Cointelegraph. https://www.coingecko.com/en/coins/seka