Bitcoin is once again capturing the spotlight as analysts point to familiar patterns that could signal a significant price breakout in the coming weeks. After a period of volatility—partly fueled by high-profile online debates involving figures like Donald Trump and Elon Musk—Bitcoin (BTC) has managed to recover from a recent dip, now trading above $104,000. This rebound has reignited discussions about whether the cryptocurrency is setting up for a new all-time high, potentially reaching the $120,000 mark .
A Familiar Pattern Emerges
Market observers have noted that Bitcoin’s current price action closely mirrors its performance from earlier in 2024. According to crypto trader Coinvo, BTC’s one-year chart shows a striking resemblance between the rallies of 2024 and 2025. In both cases, Bitcoin reclaimed its yearly opening level, consolidated for several weeks, and then surged to a new quarterly high. This year, the pattern appears slightly delayed but remains consistent, with the first major price surge occurring in May .
Analysts Weigh In: Is a Real Breakout Coming?
Analyst Alex Clay suggests that Bitcoin is preparing for what he calls the “real breakout.” After retesting resistance levels and experiencing a “false” breakout last month, Clay believes the market has now absorbed enough liquidity to support a move toward $120,000. This view is echoed by The Cryptonomist, who points to a bullish falling wedge formation on the charts. If Bitcoin can reclaim the $105,000 level as support, the next targets could be in the $118,000–$120,000 range .
BTC 2025 performance resembles the 2024 rally. Source: Coinvo on X
Short-Term Outlook: Range-Bound or Ready to Run?
While optimism is high, some analysts caution that Bitcoin may continue to trade within its current range for another week or two. Market watcher Daan Crypto Trades notes that BTC often sets its monthly high or low in the first week, followed by a reversal and trend continuation. If the price drops below recent lows, a larger correction could be in play. However, a move above the $106,700 mark would likely confirm the end of the correction and open the door to new highs .
What’s Next for Bitcoin?
As of now, Bitcoin is up 2.6% on the day, trading at $104,224. The consensus among analysts is that the cryptocurrency is at a pivotal point: holding above key support levels could trigger a rally toward $120,000, while a failure to do so might result in further consolidation or a short-term pullback .
For those following the market, the coming weeks will be crucial in determining whether Bitcoin can break out of its current range and set a new all-time high.
