Bitcoin (BTC) Price Consolidates, Must Break $61K Resistance for a Potential Surge toward a New All-time High

Historically, Bitcoin's fourth quarter shows strong rallies, with a 12.18% December gain in 2023.

Bitcoin price consolidates between two crucial levels as traders anticipate a breakout.

If BTC manages to break above the $61,000 resistance, it could trigger a surge toward a new all-time high.

Historically, the fourth quarter shows strong rallies for Bitcoin, with a 12.18% gain in December 2023.

Bitcoin price shows no signs of slowing down in 2024. After a rough end to Q3, with BTC price dipping to $49,000 following the August market crash, Bitcoin price recovered quickly, kicking off Q4 with a bang. But how will BTC price fare in the next few months?

According to recent analysis, Bitcoin price is preparing for a breakout, and traders can expect a big move soon. Let's take a closer look at the recent BTC price analysis, key levels to watch and what to expect for Bitcoin price in the coming months.

Bitcoin Price Awaits Breakout

Renowned crypto analyst Michael van de Poppe recently shared his analysis on Twitter, highlighting key levels for Bitcoin price. As per his analysis, BTC price is consolidating between $60,748 and $59,624, awaiting a breakout.

A closer look at Bitcoin's 1-Day chart shows this consolidation, with BTC price trading within a narrow range. This tight consolidation has kept traders on the edge of their seats, waiting for the next decisive move.

Bitcoin Price to Break $61K Level

According to van de Poppe analysis, Bitcoin price needs to break through the $61,000 resistance level to regain upward momentum. A successful breakout above this zone could trigger a surge, potentially pushing Bitcoin price toward the $71,679 mark soon.

On the other hand, if BTC fails to break this level, it may remain within its current range or see a price fall to the next support area of $56,002.

Bitcoin Price Set for Potential Rally

If Bitcoin price manages to break through the $61,000 level, it could set the stage for a substantial rally. As reported by竺财经 earlier, analysts believe that such a breakout might pave the way for a new all-time high (ATH).

After a stellar 2023, which saw Bitcoin price rallying to new highs and kicking off the year with a price surge of 3.91% in September, 28.52% in October, and 8.81% in November, Bitcoin price continued its rally in December with a price increase of 12.18%.

With the August market crash and the market downturn in H1 2024, Bitcoin price did see a downturn in Q3, which ended with BTC price at $49,000. However, despite the market crash and the crypto winter fears, Bitcoin price recovered quickly, kicking off Q4 with a rally.

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