Bitcoin Mirrors 2024 Breakout Pattern: Could BTC Be Poised for a 50% Rally?
BTC Price Repeats Familiar Setup, Says Analyst
Bitcoin is once again at a pivotal moment—testing a key support level that mirrors the technical setup seen in late 2024, which preceded a 50% rally. According to crypto trader Galaxy, the current price action may mark the start of another major leg up if this support holds.
“Bitcoin is in an interesting spot. Last time it looked like this, it rallied from $70K to $100K,” Galaxy noted on X (formerly Twitter) on Thursday.
As of this writing, Bitcoin (BTC) is trading at approximately $115,070, hovering near a trendline that could serve as a springboard for renewed upside momentum.
Late 2024 Breakout Offers Clues for August 2025
In November 2024, Bitcoin successfully retested a long-standing resistance trendline, flipping it into support. That move marked the start of a strong price discovery phase, eventually pushing BTC to fresh all-time highs of $108,000.
Now in August 2025, a similar structure is forming—albeit with some notable differences:
- The trendline is ascending this time, reflecting a more sustained uptrend.
- Macroeconomic pressures, including U.S. trade tariffs, are influencing broader market sentiment.
Despite these factors, the technical similarities remain compelling, with traders closely watching whether Bitcoin can sustain above the newly tested support.
Related: Bitcoin’s Current Rally Mirrors 2020 Bull Run, Says CryptoQuant CEO Ki Young Ju
No Return to Swing Lows? Analysts Say It's Unlikely
Another bullish argument is forming around Bitcoin’s swing low structure. In 2025, significant price dips in April, June, and most recently on Friday—when BTC briefly dropped below $112,000—have consistently formed local bottoms that were not revisited.
This behavior suggests that the market is forming higher lows, a classic indicator of a continuing bullish trend.
"We’re not expecting BTC to revisit earlier lows. The current pattern aligns more with accumulation than distribution," analysts noted in response to Galaxy’s post.
Further, the $109,300 peak from January 2025, which once acted as a resistance level, is now being monitored as potential macro support—a sign of growing strength in Bitcoin’s market structure.
What’s Next for Bitcoin? Breakout or Breakdown
With volatility declining over recent weeks, analysts agree that a decisive move is likely approaching. Whether Bitcoin breaks higher or lower will depend on:
- The strength of current support around $112K–$115K
- Ongoing macroeconomic developments
- Broader risk-on sentiment in global markets
If history repeats, a successful retest could open the door to a 50% price increase, potentially putting BTC on track for $160,000 or higher.
Conclusion: Bitcoin at a Technical Crossroads
Bitcoin’s current chart setup is drawing strong comparisons to its explosive move in late 2024. With support holding and bearish pressure fading, traders are watching closely for confirmation of a breakout.
Whether or not Bitcoin will replicate its previous performance remains to be seen, but the technical and psychological setups suggest another rally may be just around the corner.
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