Veteran crypto analyst David provided a noteworthy update on Bitcoin’s price outlook as it approaches formidable technical resistance:
“Only the “2020-type run” from that same IH&S neckline can safe BTC from a -30 to 40% correction. Big if #BTC can go through the $52k level… This 2020 similarity would mean $130ks by March,” said David.
Thus far, Bitcoin’s advance has followed nicely within the bounds of an inverse head and shoulders bottom pattern David cited for months. However, with BTC reaching the formidable zone between $46,700 and $52,000, doubts emerge on continuation potential without a rapid break higher soon.
Namely, David believes only a parabolic, V-shaped rally reminiscent of Bitcoin’s 2020 pre-halving run can prevent an imminent 30–40% correction at this stage following +100% gains off the lows.
Moreover, achieving escape velocity through the $52K resistance sets the ambitious $130K BTC target by March in play, according to his analysis. This is a fitting culmination for those postulating the crypto ETF approval, marking a buy-the-news paradigm shift rather than a sell-off event this cycle.
In summary, Bitcoin faces its moment of truth with several indicators flashing warnings, but a history-rhyming vertical trajectory is still possible, as highlighted by David this week. How price action behaves around $52K resistance should determine which outlook plays out.
You may also be interested in:
- Kaspa Moves Similar to Solana in the Last Cycle, Analyst Shares Next Area of Interest for KAS
- Crypto Analyst Spots Bullish Pennant for Cardano (ADA) – But There’s a Catch
- Pullix (PLX) to Solve Liquidity and Transparency Issues – Captures Interest From Axie Infinity (AXS) and NEAR Protocol (NEAR) Traders
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters