Crypto Analyst Dave The Wave: Bitcoin Is Already In Bear Market

The pseudonymous crypto analyst known as Dave the Wave, who predicted Bitcoin’s crash in May last year, is looking into Bitcoin (BTC) to see what is coming next for the leading crypto asset.

The analyst shared with his 94.3K followers on Twitter that BTC is trading in an ascending channel, raising the price up from the low of $33,000 to its 30-day high of $45,661.

In order to keep the ascending channel going, Dave the Wave says should Bitcoin must reclaim $40,000.

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

The big test, for what may in the end be a corrective channel, is whether the 40K area holds… pic.twitter.com/GVueGBS60h

— dave the wave?? (@davthewave) February 11, 2022

At time of writing, BTC is trading at $38,421 down 3.85% on the daily chart.

Zooming out, Bitcoin is still in a downtrend and a drop all the way down to $23,323 is still in the books, according to Dave the Wave.

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

On the macro, price not out of the woods yet… pic.twitter.com/wISeE95bwG

— dave the wave?? (@davthewave) February 18, 2022

As Bitcoin has lost an important support at $40,000, the analyst looks at similarities of the current price action to the leading crypto asset price movement back in September 2018, when BTC bounced off support at $6,000 one last time before bears broke key support level and, Bitcoin fell price down to $3,000.

“If I had to compare, I’d 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