Bitcoin’s current pullback and support above EMAs mirror the late 2024 setup that led to a strong rally past $90,000.
Institutional inflows and reduced miner selling post-halving strengthen Bitcoin’s supply-demand balance, supporting upward momentum.
Bitcoin’s fractal price pattern and tightening EMAs indicate a possible breakout path toward $110K, with $120K+ targets in sight.
Bitcoin is showing a familiar pattern that mirrors its late 2024 behavior. After a healthy pullback, the asset is now holding firm above key support levels, pointing toward a potential breakout.
Bitcoin Is Repeating the Same Playbook as Late 2024
The current Bitcoin structure is closely echoing the bullish setup observed in Q4 2024. According to trader Merlijn, Bitcoin's recent price action displays a near-identical formation to the one that preceded a major rally late last year. In both cases, BTC climbed steadily before a controlled pullback toward its exponential moving averages (EMAs).
In 2024, this correction was followed by a surge that pushed Bitcoin beyond $90,000. The EMAs served as a dynamic support zone, triggering renewed buying interest. The same structure appears to be forming again. After cooling off in late May 2025, Bitcoin found solid support between $104,000 and $105,000—just above the EMA ribbon.
This technical setup suggests a compression phase. Traders often see such narrowing of price ranges around support as a potential precursor to a breakout. Momentum and sentiment are beginning to shift positively, fueling anticipation of another rally.
Institutional Demand and Political Tailwinds Support Bitcoin Price
BlockchainBaller points to several macro drivers that are reinforcing Bitcoin's current setup. The latest breakout above $104,000 marks the beginning of a possible impulse move, consistent with the three macro legs forming in this cycle. Each leg, according to the tweet, is stronger than the last.
https://twitter.com/bl_ockchain/status/1929078392105693435
Institutional demand remains robust. Inflows from major players like BlackRock and Fidelity continue to support the market, creating a consistent buying floor. Meanwhile, the post-halving drop in miner selling pressure has further reduced available supply. This ongoing supply squeeze is keeping upward pressure on prices.
In addition, Bitcoin’s narrative is gaining new traction on the political front. The growing support from figures aligned with U.S. President Donald Trump is reinforcing market confidence, especially among U.S. investors. This adds another layer of momentum to Bitcoin’s current position.
Fractal Pattern Suggests a Path Toward $120K
Traders are watching closely as Bitcoin appears to follow a repeating fractal pattern. This re-accumulation phase resembles past cycles that led to exponential price movements. If this current structure holds, the next move could push Bitcoin toward $110,000, with a continuation toward $120,000+ still in play.
The tightening of EMAs, the rebound from a clearly defined support zone, and the strengthening weekly structure all suggest a technically sound environment for another upward leg. As observed in previous market phases, these setups often precede accelerated moves.
With recurring patterns forming and macro conditions aligning, many see this as a critical juncture. The market is holding its breath for Bitcoin’s next decisive move.
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