Trader: The price of Bitcoin repeats the pattern of 2024, which recorded gains of 50% for BTC
The new support test for Bitcoin raises comparisons with the rise of November 2024
The price action of Bitcoin
BTC
99,770 €
could open a new 50% increase if a key support line is maintained.
A new analysis by popular trader Galaxy published on Thursday on X forecasts that the BTC/USD pair will repeat its rise from late 2024.
Bitcoin is in an "interesting situation" during the new support test
Comparisons of Bitcoin's price continue to emerge, as market participants see similarities between the current market structure and that of the early bullish run.
For Galaxy, emphasis is now placed on the movements that led the BTC/USD pair to surpass the former all-time high of $73,800 in November 2024.
Then, just like now, the pair worked on retesting a resistance trend line as support after initially breaking it. Once it succeeded, price discovery began.
"BTC is at an interesting point," Galaxy told his followers on X.
“The last time this situation occurred was
before the rise from $70,000 to $100,000.”.
