A trader known for his timely Bitcoin calls says the current BTC correction is healthy for the crypto king’s long-term uptrend.
Pseudonymous analyst Dave the Wave tells his 146,700 followers on social media platform
According to the crypto strategist, Bitcoin’s price action suggests more consolidation is on the horizon, allowing BTC to build a better foundation for a stronger launch later this year.
“One positive of BTC price not going parabolic is that it continues to develop in a relatively stable technical manner – consolidation and then renewed strength in the fourth quarter. A manic market at a later date would yield higher prices than if it occurred earlier.”
Dave the Wave recently predicted that Bitcoin could fall to $50,000, where it will likely find support at the 0.382 Fibonacci retracement level.
According to the analyst, a drop to $50,000 would put BTC back into the “buy zone” of his logarithmic growth curve (LGC) model, which aims to predict the longer-term lows and highs of the Bitcoin cycle while simultaneously increasing volatility to filter out the shorter term.
Dave the Wave emphasizes that the deep decline would do that place BTC is in a position “for renewed strength to the upside.”
At the time of writing, Bitcoin is trading at $60,357, up from a 24-hour low of $58,443.
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