Does Bitcoin Repeat History? December 2023 Pattern Reenactment

Bitcoin tests the $100,000 support area after dropping to $98,000 in the recent market volatility. According to some market observers, the recent performance of this leading cryptocurrency resembles its December 2023 trajectory, indicating that BTC may soon witness a major breakthrough. Bitcoin Price Reflects Performance of December 2023 On Wednesday, Bitcoin and the rest of the cryptocurrency market witnessed a major correction after the US Federal Reserve announced a 25 basis point interest rate cut and signaled that there would be fewer cuts than expected in 2025. The leading cryptocurrency has dropped 9.2% from its all-time high (ATH) of $108,135, falling below the $99,000 support level briefly before recovering. BTC quickly climbed back to $100,000, gaining 2% on Thursday morning to the resistance level of $102,000. After the sell-off, cryptocurrency trader Follis believes that the price movements this month reflect the trajectory of BTC in 2023. The trader claims that Bitcoin is "repeating last December's scenario", predicting that a new high price surge will occur soon. According to the chart, BTC moves within the price range of $40,000 - $45,000 before breaking through in January 2024. This breakthrough is then followed by a significant 20% correction compared to the previous consolidation zone, and then drops below this range in a short period of time. However, Bitcoin has reclaimed its breakout level in the following weeks and surged another 47% to the March ATH of $73,000. If the largest cryptocurrency by market capitalization continues to follow this 'guidebook,' its price could correct to below $88,000 by the end of the year before resuming its upward momentum to new highs. Similarly, Daan Crypto Trades points out that BTC's performance in the fourth quarter resembles the price movement in the fourth quarter of 2023. This analyst claims that Bitcoin is likely to continue to "rise slowly before a real breakthrough" occurs. He recommends "scaling down" because the short-term chart "doesn't look good," but notes that the price of BTC still "tends to rise slowly". Analyst Warns of BTC's Daily Closing Level Other analysts believe that the coming hours will determine the short-term performance of BTC. Rekt Capital asserts that maintaining the $100,000 support level is crucial, as failure to do so could push Bitcoin below the previously important resistance level of $98,000. Furthermore, the daily store close level above $101,000 will be necessary to prevent this range from becoming resistance once again. The analyst emphasized that "doing so could trigger a chain of events where BTC begins to lose support levels." He also added that closing at this level would invalidate short-term price reduction prospects. Earlier, analysts explained that Bitcoin is in the first phase of a 'Price Discovery Adjustment' stage, which typically occurs between the 6th and 8th week of the 'Parabolic Price Increase Phase' after BTC halves. Therefore, in the next 3 weeks, I will be increasingly cautious in conducting re-evaluations and considering the history of BTC at this point in the cycle, I would not be surprised to see important levels disabled. However, he emphasized that the "Second-price discovery uptrend" will occur after a major correction. As of the time of writing, Bitcoin has dropped below the $100,000 support level, recording a 5.1% decrease in 24 hours to $98,900. DYOR! #Write2Win #Write&Earn $BTC {spot}(BTCUSDT)