Bitcoin Price News: Bitcoin Price Mirrors 2024 Pattern That Preceded 50% Rally, Trader Says

Key Takeaways:BTC is retesting support in a setup resembling its breakout from $70K to $108K in late 2024.Trader Galaxy highlights similarities in market structure, signaling possible 50% upside.August 2025 trendline is now ascending, not descending, adding to bullish momentum.Recent swing lows may have already formed the bottom; no return expected to sub-$112K levels.Analysts eye $109K as major support, with volatility expected to break soon.Bitcoin price action is flashing echoes of its late-2024 breakout, leading analysts to speculate whether another major rally could be unfolding — one that could mirror the 50% surge from $70,000 to $108,000 seen last year.According to crypto trader Galaxy, BTC is at a critical juncture that looks strikingly similar to the market structure that triggered a breakout toward new all-time highs in November 2024.“$BTC in an interesting spot,” Galaxy wrote on X.“Last time it looked like this was before the run from $70K to $100K.”BTC Retests Support with Bullish SetupIn the current market, Bitcoin is retesting a key trendline as support after a successful breakout — much like it did before entering price discovery late last year. This time, the trendline is ascending, not descending, which many traders interpret as a sign of strength within an ongoing bull market structure.BTC/USD currently trades around $116,790, with price consolidating just below recent highs as traders wait for volatility to resolve.“The current setup strongly resembles the post-breakout consolidation of late 2024,” Galaxy noted.Swing Lows Suggest Bottom Is InTraders are also tracking BTC’s series of higher swing lows, pointing to decreasing downside risk.According to another chart from Galaxy, similar price action in April and June preceded fresh upside — and the latest swing low, around $112,000, may have marked the current cycle's bottom.“I'm seeing a pattern here,” Galaxy said, highlighting that prior swing lows were not revisited.Crypto trader CrypNuevo also pointed to the $109,300 level, which marked BTC’s high in January, as a potential long-term support that may not be broken again.Volatility Likely to Return SoonAs Cointelegraph reported earlier, the market has been stuck in a low-volatility phase, but traders expect a decisive move soon. With macro pressures such as U.S. trade tariffs and ETF flows swirling in the background, the breakout could swing either way — but bullish sentiment is building.If Bitcoin holds its ascending support and repeats its late-2024 pattern, a 50% rally could place BTC back above $170,000 in the coming weeks. While past performance isn’t a guarantee of future gains, the current market structure is giving traders a strong sense of déjà vu — and bulls are watching closely.