Morgan Stanley's strategist says most of the bitcoin correction is over as $BTC eyes $82K. The call is that the drawdown is mature; the tape still has to prove it with follow-through.

What happened: Bitcoin approached $82,000 on Wednesday, reaching $81,687 on Bitstamp as bid liquidity thickened around $79,000 and $80,000. Morgan Stanley strategist Mike Wilson told CNBC most of the correction is over. Key numbers: BTC reached $81,687. KOSPI gained 6.63% Wednesday and 9.3% week-to-date, closing above 6,000 points for the first time since Oct. 14. Why it matters: Wilson said tech stocks are entering a new bullish phase after rebounding from an October sell-off. Analyst Rekt Capital said it is still unclear whether BTC will build a new range above resistance near $82,000.

Bitcoin approached $82,000 on Wednesday, reaching $81,687 on Bitstamp as bid liquidity thickened around $79,000 and $80,000. Morgan Stanley strategist Mike Wilson told CNBC most of the correction is over.

Wilson said tech stocks are entering a new bullish phase after rebounding from an October sell-off. Analyst Rekt Capital said it is still unclear whether BTC will build a new range above resistance near $82,000.