Bitcoin Repeating 2024 Rally? Analysts Eye ‘Real Breakout’ To $120,000

Bitcoin has been hovering around its local price range, hitting a one-month low near $100,000 support, amid the online feud between Trump and Elon Musk. Despite the volatility, some suggest that the cryptocurrency is preparing for a "real" price jump towards a new all-time high. Over the past 24 hours, Bitcoin experienced significant volatility, dropping by over 5% from the $105,000 level to the $100,000 support. Before the pullback, BTC had been attempting to reclaim its local mid-range after its recent performance. The cryptocurrency traded sideways following its ATH rally to $111,980, hovering between the $106,800 and $109,700 price range. Crypto trader Coinvo highlighted BTC's one-year chart, pointing to a similar price pattern between 2024 and 2025, suggesting a potential major pump after reclaiming its yearly opening level. Analyst Alex Clay believes that Bitcoin is preparing for the "real breakout" following its retests of the range's mid-zone resistance in Q1 2025 and a "false" breakout last month. The Cryptonomist noted that Bitcoin displays a 3-week bullish falling wedge formation, with the lower boundary sitting around the $101,000 level. Market watcher Daan Crypto Trades warned that if the price drops below yesterday's lows, it will continue to trend down for another week or two, displaying "weakness and confirming a larger correction is due."