A trader with a track record of accurate Bitcoin (BTC) calls says the crypto king’s trendline is breaking, opening the door for a correction.
Pseudonymous analyst Dave the Wave tells his 146,000 followers on social media platform
“With the trendline breaking, the weighted outlook should shift towards further BTC price consolidation in the shorter term. Looking for a range to shape [0.23 fib] or buy zone support [0.38 fib]. This could well form the basis for a better fourth quarter.”
The trader say he looks at the monthly chart for more confirmation of a trend reversal.
“I still want to see some follow through on the month to confirm a trend change… these things take time.”
Bitcoin’s current monthly candle has moved slightly lower since Dave the Wave posted his chart and is now trading below the diagonal support level.
The analyst recently predicted a market top for Bitcoin in December 2025 using its version of the logarithmic growth channel curve (LGC), which aims to predict the longer-term lows and highs of the Bitcoin cycle while taking out shorter-term volatility to filter.
“If you subscribe to BTC’s four-year cycle theory, then you may not have much at the top (again). But if you subscribe to the LGC theory, it can be useful again.”
Looking at his chart, the analyst suggests that Bitcoin could reach the top of the LGC model and rise above $300,000 by the end of 2025.
At the time of writing, Bitcoin is trading at $62,249, down more than 3% on the day.
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Generated image: Midjourney