Bitcoin (BTC) Retests the $100,000 Support Zone After Dropping to $98,000 During the Recent Market Shakeout

According to some market watchers, the flagship crypto's recent performance resembles its December 2023 trajectory, suggesting that BTC might see a massive breakout soon.

Bitcoin (BTC) attempted to reclaim the $100,000 support zone after dropping to $98,000 during the recent market sell-off. Some market observers believe that the flagship cryptocurrency’s recent price action mirrors its December 2023 trajectory, suggesting that BTC might be poised for a breakout.

On Wednesday, Bitcoin and the broader crypto market experienced a sell-off following the US Federal Reserve’s announcement of a 25-basis-point rate hike and fewer cuts than anticipated in 2025.

The flagship cryptocurrency dropped 9.2% from its all-time high (ATH) of $108,135, briefly dipping below the $99,000 support level before recovering. BTC quickly rallied back to $100,000, rising 2% on Thursday morning to the $102,000 resistance.

After the sell-off, crypto trader Follis suggested that this month’s price action mirrors BTC’s 2023 trajectory. The trader noted that Bitcoin is “repeating the December playbook from last year,” suggesting that a pump to a new high is coming soon.

According to the chart, BTC consolidated within the $40,000-$45,000 price range before breaking out in January 2024. The breakout was followed by a 20% correction to the previous consolidation zone, dipping briefly below this range.

However, Bitcoin recovered the breakout levels in the following weeks and surged another 47% to its March ATH of $73,000. If the largest cryptocurrency by market cap continues to follow this “playbook,” its price could correct below $88,000 by year-end before resuming its bullish run to new highs.

In a similar vein, Daan Crypto Trades noted that BTC’s performance in Q4 mirrors its Q4 2023 price action. The analyst suggested that Bitcoin will likely continue the “slow hoppy grind up before the actual breakout” occurs.

He advised traders to “zoom out” as the short-term chart “doesn’t look pretty,” but BTC’s price is still “slowly trending up.”

Analyst Warns Of BTC’s Daily Close

Other analysts highlighted the importance of the coming hours for BTC’s short-term performance. Rekt Capital noted that holding the $100,000 support is crucial, as failure to maintain this level could send Bitcoin below the previous key resistance of $98,000.

Furthermore, a daily close above the $101,000 mark is necessary to prevent this range from turning into resistance again. The analyst added that “doing so could kickstart a chain of events where BTC starts to lose support level by level.”

He noted that a close above this level would invalidate the short-term bearish outlook. Previously, the analyst explained that Bitcoin is in the first “Price Discovery Correction,” which usually occurs between the 6th and 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.

However, he added that the “Second Price Discovery Uptrend” follows the الكبير correction.

Bitcoin has slipped below the $100,000 support level, showing a 5.1% 24-hour decrease to the $98,900 mark at the time of writing.