State Of Bitcoin Is Analyzed By Important Market Strategist

The current state of Bitcoin is analyzed by an influential market strategist. The crypto market is currently undergoing another correction and at the moment of writing this article, BTC is trading in the red. The king coin is currently priced at $38,231.

According to the latest reports, an important crypto strategist who accurately called Bitcoin’s collapse in May 2021 is looking at BTC’s price action. He is checking to see whether the largest digital asset is primed for another correction.

Pseudonymous analyst Dave the Wave just said that Bitcoin is currently trading within an ascending channel. It’s also worth noting the fact that this allowed Bitcoin to rally from the lows of $33,000 to its 30-day high of $45,661.

The popular crypto analyst said that the ascending channel currently tracks Bitcoin’s bounce after BTC lost over 50% of its value from its all-time high above $69,000.

Dave the Wave also made sure to add the fact that Bitcoin must reclaim $40,000 to keep the channel intact.

“The big test, for what may, in the end, be a corrective channel, is whether the $40,000 area holds.”

It’s also worth noting the fact that Dave the Wave says that Bitcoin is still in a downtrend and en route to hitting his target at $23,323.

“On the macro, price not out of the woods yet…”

There have been various market corrections so far, but this did not stop all kinds of optimistic predictions from popping up in the crypto space.

The other day, we were revaling that

popular crypto analyst who assessed where Bitcoin stands in Q1 2022 as well as when crypto investors might be expecting to see a rally for altcoins.

As the online publication the Daily Hodl notes, Benjamin Cowen recently said that while he’s not particularly bullish on Bitcoin in the short term, he’s limiting his analysis to Q1 only and not looking ahead to the rest of the year.