How Does This Bitcoin Breakout Stack Up to November’s?

Bitcoin has bounced back over the last 24 hours and is now retesting $120K, but it's Ethereum that continues to dominate and steal the show. Bitcoin’s lack of price movement since setting its all-time high could be a result of investors rotating into Ethereum and other altcoins.

The last time we saw a similar breakout in Bitcoin was back in November, following Trump’s election victory. At the time, Bitcoin was hovering just below its all-time high and struggling to break above $74K — until post-election momentum kicked off a major rally, pushing the price nearly 50% higher over the following weeks. We’re now seeing a similar setup. While this move isn’t quite as large, Bitcoin had again been consolidating beneath its all-time high before finally breaking out and continuing higher.

Bitcoin did pull back slightly, dropping almost 5% from its all-time high on Monday. But we saw something similar in November too. After six consecutive bullish days, Bitcoin retraced around 5% from its then all-time high at $89.6K back to $85K before rallying further over the next week and a half. The current structure is tracking closely — Bitcoin dipped from $123K to $115.7K, offering an opportunity for active traders to accumulate during the pullback. If this rally continues to follow November’s pattern, albeit on a smaller scale, we could see Bitcoin pushing toward $130K in the coming weeks.

But the real difference in this rally isn’t Bitcoin — it’s Ethereum.

Back in November, Bitcoin led the charge. Ethereum had a few brief moments of outperformance, but nothing sustainable. Over the following six months, Ethereum severely underperformed. This time, however, Ethereum has flipped the script. Since May, it's been consistently outperforming Bitcoin, leading the market in a sustained fashion. It seems like this is the start of something that rhymes with malt season...

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