Bitcoin News Today: Bitcoin Nears $120K IHS Neckline Breakout 382% Surge Projected on Confirmation

Bitcoin’s price action has formed a multi-year Inverse Head & Shoulders (IHS) pattern on the weekly chart, a technical structure that suggests a potential reversal in the market’s trajectory. The pattern, which has been developing since mid-2021, is now nearing a critical juncture as Bitcoin tests its neckline resistance near $120,000. Analyst Crypto Patel has highlighted this development, noting that the left shoulder of the IHS was shaped during the market correction following Bitcoin’s 2021 rally, while the head was defined by the 2022 low between $15,000 and $17,000. The right shoulder, forming in 2024 and early 2025, reflects a steady recovery and growing bullish momentum [1].

A confirmed breakout above the $118,000–$120,000 neckline could signal the start of a multi-month bull run. According to technical analysis, such a move would transform this long-standing resistance into support, unlocking a projected 382% upside potential. The target price derived from the IHS pattern sits near $565,000 per Bitcoin, aligning with historical trends of steep recoveries observed in previous cycles [1]. This scenario mirrors past market expansions, where Bitcoin’s price surged following periods of consolidation.

The significance of the neckline lies in its historical resistance. A clean breakout would validate the IHS structure, indicating a shift in market sentiment from bearish to bullish. Crypto Patel emphasized that this level represents a pivotal threshold for Bitcoin, with a successful breach likely to trigger a sustained rally. However, the analyst cautioned that the projected move would not unfold immediately but could take months to materialize fully [1].

The potential for a 382% surge underscores the transformative implications of a confirmed breakout. If the IHS pattern completes as suggested, Bitcoin may enter a new phase of parabolic growth, akin to the explosive rallies seen in earlier bull cycles. This trajectory, however, depends on the market’s ability to overcome the neckline resistance without retracing significantly. Traders and investors are closely monitoring Bitcoin’s behavior around this level, with the outcome potentially reshaping the cryptocurrency’s long-term outlook.

Source: [1] ["Bitcoin Nears $120K Neckline Breakout, Setting Stage for 382% Bull Run Surge"](https://coinmarketcap.com/community/articles/68828add2eb2b360947518da/)