Bitcoin’s price action is showing signs of repeating a bullish setup from late 2024 — a period that led the bitcoin price to a 50% surge.
According to well-known crypto trader Galaxy, BTC is now retesting a similar support level that could signal another big rally.
Familiar Pattern Shows as BTC Retests Support
Crypto trader Galaxy shared with his followers on X that Bitcoin is “in an interesting spot” — currently retesting a support level it also revisited in late 2024 before rallying nearly 50% from ~$70,000 to over $108,000.
While this setup is not identical to last year’s, the similarities are strong enough to catch the attention of analysts.
“Last time we retested this support level, we went on to rally 50%,” Galaxy wrote.
The current price movement again shows Bitcoin bouncing along a key diagonal trendline, one that supported the significant upward move last year. The difference this time: the line is ascending rather than descending.
$109K Zone Becomes Key Support to Watch
In early January 2025, Bitcoin surged to $109,300, marking a peak that is now acting as a strong support level, according to market watchers.
This zone is where many traders now expect buyers to step in, especially if BTC’s price dips close to it.
Notably, despite increased market activity, traders are not yet signaling any panic or expecting a sudden 30% correction like the one seen earlier this year.
“The structure looks strong. April and June lows weren’t revisited,” Galaxy pointed out, noting that this adds confidence to a more stable rally setup.
Macro Conditions Have Shifted Since 2024
One difference in the current environment is the broader macroeconomic landscape. In late 2024, Bitcoin surged despite market volatility and global interest rate shifts. Now in mid-2025, uncertainty from new U.S. tariffs and trade tensions is adding fresh pressure on risk assets.
Still, crypto analysts believe the structure of this chart pattern is intact and promising.
A similar note was quoted by another trader, which also observed that Bitcoin’s current movement is tracing the same “diagonal pattern” from late 2024, with sellers easing off and technical indicators pointing to growing stability near the $109K support.
Will History Repeat for Bitcoin?
As of August 7, Bitcoin remains in a cautious, sideways range near $111,000. But the current retest of the support level—paired with the absence of lower lows—has given traders like Galaxy hope that a sharp breakout may be ahead.
If BTC follows its late-2024 roadmap, a move to $160,000 or higher is not off the table. However, traders are watching the U.S. macro environment closely, as well as how long this key support level can hold.
For now, one thing is clear: the market is waiting for a move — and history might just be setting up to rhyme again.
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