An experienced Bitcoin trader known for accurate predictions suggests that the cryptocurrency’s bull market trend line is breaking, which could lead to a correction. The pseudonymous analyst, Dave the Wave, shares his insights with his 146,000 followers on the social media platform X. He believes that BTC may soon experience a downward move, potentially dropping to the 0.38 Fibonacci level, equivalent to around $50,000. Dave the Wave emphasizes the need to monitor the monthly chart for confirmation of a trend reversal. He explains that he is still waiting for follow-through on the monthly chart to confirm the change in trend, as these things take time. The current monthly candle for Bitcoin has dipped slightly below the diagonal support level since Dave the Wave’s chart was posted.
The analyst recently made a prediction that Bitcoin will reach a market top in December 2025 using his logarithmic growth channel (LGC) curve. This curve aims to forecast Bitcoin’s long-term cycle lows and highs while filtering out short-term volatility. Dave the Wave highlights that if one subscribes to the BTC four-year cycle theory, it may not be very helpful for predicting the top. However, the LGC theory could be more useful. According to his chart, Bitcoin could potentially reach the top of the LGC model and surpass $300,000 by the end of 2025.
Currently, Bitcoin is trading at $62,249, experiencing a decline of over 3% for the day. It is important to note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making high-risk investments in Bitcoin or other digital assets. The Daily Hodl does not recommend the buying or selling of cryptocurrencies, and readers should be aware that any transfers or trades they engage in are at their own risk.
