- Bitcoin price surged over 100% after Powell’s 2024 Jackson Hole speech.
- BTC price is consolidating between $112K and $118K with strong EMA support.
- Fibonacci targets suggest a breakout toward $123K and $126.5K soon.
Bitcoin price is flashing bullish signals once again, echoing a familiar pattern seen after past Jackson Hole speeches by Fed Chair Jerome Powell. Following sharp gains in 2023 and 2024, Bitcoin’s current consolidation between $112K and $118K hints at a potential breakout. With strong technical support and historical trends aligning, all eyes are on BTC as it gears up for what could be another explosive Q4 rally.
Bitcoin Price Action Highlights Repeating Trends With Fresh Upside Signs
A crypto analyst on X platform highlights how Bitcoin has followed a recurring pattern after Powell’s Jackson Hole speeches, with volatility in September followed by strong rallies in Q4.
In 2023, BTC rose almost 200% following the speech and in 2024, the rally registered more than 100% gains. This year, the chart shows another volatility period with the possibility of a rally above 77%.
Such repetition reinforces confidence that the Bitcoin price could extend further, as historical reactions to Powell’s remarks have consistently fueled significant gains. This outlook strengthens optimism for Bitcoin price forecast 2025.
Source: X/CryptoRover
On the one-day chart, Bitcoin rebounded strongly from $112,000 and pushed above $116,000 following Powell’s dovish tone.
The move validated the support at the neckline of an inverse head-and-shoulders pattern, which is now a solid base. The price is now in an accumulation phase between $112,000 and $118,000 and Fibonacci targets are at $123,000 and $126,500.
Furthermore, the 50-day EMA has offered extra support at the price of around $114,800, which shows strong demand. Therefore, if BTC clears $118,000 resistance decisively, the Bitcoin current price could be set for another breakout that sustains upward trajectory.
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