A well-known trader who is famous for making accurate Bitcoin predictions has stated that the current correction in BTC is beneficial for the long-term upward trend of the cryptocurrency.
The pseudonymous analyst Dave the Wave shared his views with his 146,700 followers on the social media platform X, explaining that Bitcoin’s recent drop below $60,000 has eliminated the possibility of a parabolic surge in BTC.
According to Dave the Wave, the price action of Bitcoin indicates that there will be further consolidation in the near future, which will allow BTC to establish a stronger foundation for a more significant increase later in the year.
One positive aspect of Bitcoin’s price not surging parabolically is that it continues to develop in a relatively stable technical manner, with consolidation leading to renewed strength as the 4th quarter approaches. This approach is likely to result in higher prices compared to an earlier surge in the market.
Dave the Wave has recently forecasted that Bitcoin could potentially decline to as low as $50,000, where it is expected to find support at the 0.382 Fibonacci retracement level.
The analyst points out that a drop to $50,000 would place BTC back into the “buy zone” of his logarithmic growth curve (LGC) model, which aims to predict Bitcoin’s longer-term cycle lows and highs while filtering out shorter-term volatility. He believes that this deep drawdown would position BTC for renewed strength to the upside.
At the time of writing, Bitcoin is trading at $60,357, up from its 24-hour low of $58,443.
For more information, follow us on X, Facebook, and Telegram.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should conduct their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, and is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
