Analyst Highlights Promising Bitcoin (BTC) Historical Patterns: Are Altcoins Ready to Soar After Breakout Retests?

Date: Thu, Jan 23, 2025, 12:39 PM GMT

The cryptocurrency market has been full of excitement lately, driven by Bitcoin’s (BTC) impressive performance over the past few months. Starting at $68K in November 2024, Bitcoin skyrocketed to a new all-time high of $108K by December 17. After reaching this peak, BTC faced a healthy correction, briefly dipping to $89K and clearing out long positions. However, it didn’t take long for Bitcoin to bounce back, surging to $109K on January 20, 2025—a milestone that coincided with Donald Trump’s inauguration.

While Bitcoin has shown its strength, altcoins have yet to ignite the rally that many investors anticipate. However, according to crypto analyst @CryptoJelleNL , the charts paint a promising picture, suggesting both Bitcoin and altcoins are positioning themselves for significant moves.

Bitcoin (BTC): Repeating Historical Patterns

As per the analysis, Bitcoin appears to be mirroring its moves from late 2023 and early 2024. In November 2023, Bitcoin began its rally (marked by the green circle in the chart), followed by a correction in January 2024 before making a significant upward move.

Bitcoin (BTC) 1W Chart/Source: @CryptoJelleNL (X)

The current setup seems to follow the same trajectory. Bitcoin’s November rally in 2024 has been succeeded by a correction, during which the MACD indicator (shown in the chart) is retesting its signal line—a behavior that previously preceded strong upward momentum. If history repeats itself, BTC could be gearing up for another major leg upward.

Altcoins: A Potential Bullish Setup

As Bitcoin demonstrates resilience and bullish momentum, attention shifts to the altcoin market, where key technical setups suggest a potential upside move is on the horizon.

Altcoins Chart 1: Bullish Pennant Formation

The OTHERS 3D Chart shows altcoins breaking a key trendline and resistance level before consolidating within a bullish pennant formation. This setup often precedes a breakout, which could signal a rally for the broader altcoin market.

OTHERS 3D Chart/Source: @CryptoJelleNL (X)

Altcoins Chart 2: TOTAL2 Retesting Breakout Levels

A closer look at the TOTAL2 Chart reveals that altcoins have broken out of a downtrend line and are now in a retest phase. Retests of this nature are crucial as they often serve as springboards for significant upward moves, provided the support holds.

TOTAL2 Chart/Source: @CryptoJelleNL (X)

While Bitcoin has led the way in recent months, altcoins may be on the verge of catching up, with technical indicators and patterns aligning to support a potential rally.

Conclusion

Both Bitcoin (BTC) and altcoins charts are showing promising setups, pointing to a potentially bullish outlook. Bitcoin’s historical pattern, where a breakout is followed by a correction and a MACD retest, mirrors the current price action. Similarly, the TOTAL2 Chart for altcoins shows a breakout from a long-term downtrend line, followed by a retest of the breakout level—a critical phase that often signals the next major move.

These parallel setups between Bitcoin and the altcoin market suggest the possibility of synchronized rallies. If BTC resumes its upward trajectory as it has historically, altcoins could follow suit, fueled by their bullish consolidation patterns and breakout retests.

While the charts look promising, market conditions remain dynamic, and proper risk management is essential. Stay vigilant and well-informed as the market evolves.

Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.