Bitcoin Price Repeating December 2023’s Playbook: Is The ‘Actual Breakout’ Yet To Come?

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Related Reading: Bitcoin Could Peak Between $160,000 And $290,000 If These Historical Patterns Repeat – Report Bitcoin Price Mirrors December 2023’s Performance On Wednesday, Bitcoin and the rest of the crypto market saw a massive correction after the US Federal Reserve (Fed) announced a 25-basis-point rate cut and signaled fewer cuts than expected in 2025.

Previously, the analyst explained that Bitcoin is amid the first "Price Discovery Correction,” which tends to happen between the 6thand 8th week of BTC’s post-halving "Parabolic Upside Phase”: As a result, over the next 3 weeks or so, I am going to be increasingly cautious about retest attempts, and given BTC’s history at this point in the cycle, I wouldn’t be surprised to see key levels get invalidated.

He recommended "zooming out” as the short-term chart "doesn’t look pretty” but noted that BTC’s price is still "trending up slowly.” Analyst Warns Of BTC’s Daily Close Other analysts suggested that the coming hours will be decisive for BTC’s short-term performance.

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Article Details

Author / Journalist: Rubmar Garcia

Category: Crypto

Markets: United Kingdom

Topics: Bitcoin Bitcoin bull run BTCUSDT Crypto trader Btc Crypto market correction Crypto analyst Bitcoin Bitcoin Bullish Breakout Crypto market Crypto Bull Run 2024

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-21 @ 00:30:33 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 480 words

Reading Time: 3 minutes read

Sentences: 77 lines

Sentence Length: 7 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 24571838

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About NewsBTC

Main Topics: Crypto

Official Website: newsbtc.com

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Coverage Areas: United Kingdom

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