Correctly predicting Bitcoin’s May 2021 crash, the crypto strategist studied BTC’s price movements to assess whether the largest digital asset is ready for another correction.
popular analyst Dave the WaveHe told his 94,000 Twitter followers that Bitcoin is currently trading in an ascending channel, allowing Bitcoin to rally from the lows of $33,000 to a 30-day high of $45,661.
According to the crypto analyst, the ascending channel is currently BTC’s all-time high. 69,000 It allowed Bitcoin to bounce up after losing more than 50% of the dollar.
Dave the Wave to keep the channel intact 40,000 should get the dollar back added.
At the time of writing, bitcoin It is trading at $38,958.
Looking at the higher time frame, Dave the Wave states that Bitcoin is still in a downtrend and 23,323 He says he’s on track to reach his dollar goal.
“In the macro, the price hasn’t passed the critical phase yet…”
On the macro, price not out of the woods yet… pic.twitter.com/wISeE95bwG
— dave the wave🌊🐫 (@davthewave) February 18, 2022
With Bitcoin currently trading below the $40,000 support, the crypto strategist compared the current price action to BTC’s market structure in September 2018. In 2018, BTC bounced off support one last time from $6,000 before the bears gained strength and plunged Bitcoin as low as $3,000.
“If I had to compare, I would say we are here…”
If I had to compare, I’d say we are here… pic.twitter.com/nnNVWyljPD
— dave the wave🌊🐫 (@davthewave) February 19, 2022
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.