A cryptocurrency trader renowned for accurately predicting Bitcoin trends believes that the current correction in BTC price is beneficial for the long-term growth of the leading cryptocurrency.
Using the pseudonym Dave the Wave, this analyst shared with his 146,700 followers on X that the recent dip in Bitcoin’s value below $60,000 has eliminated the possibility of a sudden surge in price.
As per Dave the Wave, the price movement of Bitcoin indicates an upcoming period of consolidation, which will help establish a stronger foundation for a potential rally later in the year.
“One positive aspect of Bitcoin not experiencing a parabolic rise is that it is progressing in a stable technical manner – consolidating before gaining momentum in the 4th quarter. A frenzied market in the future could lead to higher prices compared to an earlier surge.”
Dave the Wave recently forecasted that Bitcoin could drop to around $50,000, where it is expected to find support at the 0.382 Fibonacci retracement level.
According to the analyst, a decline to $50,000 would place BTC within the “buy zone” of his logarithmic growth curve (LGC) model, which aims to predict the long-term highs and lows of Bitcoin while filtering out short-term market fluctuations.
Dave the Wave emphasizes that this significant pullback would position Bitcoin for a potential upward movement in the future.
As of now, Bitcoin is being traded at $60,357, an increase from its lowest point of $58,443 within the past 24 hours.
Stay Informed – Subscribe to receive email alerts directly to your inbox
Monitor Price Movements
Follow us on X, Facebook and Telegram
Explore The Daily Hodl Mix
Generated Image: DALLE3
