Bitcoin Repeating 2024 Rally? Analysts Predict 'Real Breakout' Toward $120,000

Bitcoin (BTC) has weathered recent volatility triggered by the Trump–Musk online feud, dropping to a one-month low near the $100,000 support. However, analysts are increasingly confident that a “real breakout” may be brewing, with upside potential targeting $120,000 and possibly beyond.

Bitcoin Signals Another Rally Setup Amid Market Turbulence

After a sharp 5% decline from $105,000 to around $100,000, Bitcoin has shown signs of recovery. At the time of writing, the asset trades at $104,224, up 2.6% over the past 24 hours.

Despite this drop, analysts remain optimistic, suggesting Bitcoin is mirroring its 2024 price action, which eventually led to its all-time high (ATH) of $111,980.

Crypto trader Coinvo pointed out that BTC's yearly chart shows a similar pattern unfolding now in 2025 — a pump post reclaiming its yearly opening level, a period of consolidation, and an anticipated surge.

Analyst Eyes “Real Breakout” Post False Alarm

Market analyst Alex Clay noted that Bitcoin has “grabbed liquidity below the Broken Supply Zone” and is now primed for a “real breakout” after a failed rally attempt last month.

He suggests that BTC is gearing up for a run toward $120,000, provided it reclaims and holds key resistance zones.

Bullish Pattern May Trigger Breakout to $120K

A recent analysis by The Cryptonomist highlights a 3-week bullish falling wedge pattern forming in BTC's chart. The wedge’s lower boundary lies near $101,000, from which Bitcoin recently bounced. A successful reclaim of the $105,000 support could validate a breakout toward the $118,000–$120,000 zone.

Meanwhile, analyst Daan Crypto Trades explained that BTC is hovering near the monthly opening price, a level that often acts as a pivot point. Historically, Bitcoin sets its monthly high or low in the first week, followed by a trend reversal or continuation.

“If BTC breaks below recent lows, we could see further correction for one or two more weeks,” he warned. “But a move above the monthly high near $106,700 may signal the end of the pullback and set the stage for new ATHs.”

For now, he expects Bitcoin to range-bound trade, unless either side of the key support/resistance levels breaks decisively.

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