Veteran crypto analyst David warns of approaching tough technical resistance Bitcoin He made a new prediction regarding the outlook for the price.
Only a “2020 type run” from the same IH&S neckline can protect BTC from a -30 to 40% correction. If Bitcoin can surpass the 52,000 level, things will get better… This 2020 analog means $130,000 by March.
The analyst noted that the BTC price is accurately following the “inverted head and shoulders” bottom pattern it has shown so far. However, with BTC reaching the challenging zone between $46,700 and $52,000, there are also doubts about its potential to continue without a rapid rally soon.
As Koinfinans.com reported, the analyst believes that a parabolic, V-shaped rally reminiscent of Bitcoin’s pre-halving period in 2020 could prevent an impending 30-40% correction at this stage after +100% gains from the lows.
According to David’s analysis, a breakout from the $52,000 resistance could indicate that the ambitious $130,000 BTC target by March is possible. This is a fitting high point for those predicting crypto ETF approval, marking a buying paradigm shift rather than a selling event this cycle.