The crypto market is shaking again with the most important coins out the trading in the red. At the moment of writing this article, BTC is also trading in the red and the king coin is priced at $29,593.
Bitcoin rally could be closer than you think
An important crypto strategist who accurately called Bitcoin’s May 2021 meltdown is now predicting a potential rally that could send BTC toward its long-term diagonal resistance.
Pseudonymous analyst Dave the Wave said that Bitcoin is trading within an ascending channel and potentially gearing up for a short-term rally to his target.
According to the crypto strategist, his target of $39,547 is “speculative”. More than that, this is only valid as long as the channel holds.
Although Dave the Wave remains cautious, he says that traders who believe Bitcoin will revisit its 2017 cycle high of $20,000 should start thinking about risk management considering BTC is down big from its all-time high.
“No one last year conceived of Bitcoin price falling to the previous all-time high. And yet now clarion calls abound. Is it possible? Sure, but people need to balance the [renewed] risk to the upside against the risk to the downside…”
He continued and said this:
“Simply amazed that I am now more bullish than the ‘once were hyper-bulls,’ who have turned bearish, or neutral at best, since the recent capitulation.”
Bitcoin is a hard asset to own amidst crises
The other day, we revealed that macro strategist Lyn Alden says that Bitcoin (BTC) is one of the hard assets to own alongside gold and real estate in a macro environment heavily influenced by inflation.
In a new interview on What Bitcoin Did with Peter McCormack, Alden says that she doesn’t see inflation easing up anytime soon.
It’s also important to note the fact that she believes wealthy countries like the United States will continue to print money to fulfill their financial obligations.