"Rally Signals Amid War? Possibility of Bitcoin Repeating the 2024 Rally Pattern"

Despite the conflict between Iran and Israel, Bitcoin (BTC) showed a rebound trend, leading to analysis suggesting the emergence of a rally pattern similar to last year's 80% surge.

According to cryptocurrency-specialized media outlet Cointelegraph on the 13th (local time), Bitcoin slid 5.5% to $102,800 following Israel's airstrike on Iran, but later rebounded to recover $105,100. Analysts note that this rebound began with support at the 50-day simple moving average (SMA), which is similar to the 80% surge witnessed in October last year amid the Iran-Israel conflict.

At that time, after Iran's missile strike, Bitcoin dropped 8.8%, but after rebounding from the 50-day line, it soared over 80% in two months to reach $108,365.

Andre Dragos, Research Director at ETC Group under Bitwise, analyzed, "Geopolitical conflict induces short-term corrections, but Bitcoin usually manages to rebound within 50 days to recover its previous highs."

Additionally, expectations for a US Fed rate cut, eased US-China trade tensions, and on-chain whale accumulation signals are all contributing to Bitcoin's upward trend.

Analyst Merelain the Trader stated, "Bitcoin may break through resistance via a similar 'liquidity grab' pattern as last year, and the same structure, the same traps, and the same breakout can be repeated in 2024."

The media added, "Some argue that Bitcoin is showing signs of fatigue near its current peak and may struggle to rise further, but many analysts are predicting that Bitcoin could surpass $150,000 to $200,000 by the end of the year."