A trader known for making timely Bitcoin calls says that the current BTC correction is healthy for the long-term uptrend of the crypto king.
Pseudonymous analyst Dave the Wave tells his 146,700 followers on the social media platform X that Bitcoin’s latest move below $60,000 has invalidated prospects for a BTC parabolic surge.
According to the crypto strategist, Bitcoin’s price action suggests that more consolidation is on the horizon, allowing BTC to build a better base for a stronger lift-off later this year.
“A positive of BTC price not going parabolic is that it continues to develop in a relatively stable technical manner – consolidation and then renewed strength going into the 4th quarter. A manic market at a later date would see higher prices than if it came earlier.”
Dave the Wave recently predicted that Bitcoin could fall to as low as $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 Bitcoin’s longer-term cycle lows and highs while filtering out shorter-term volatility.
Dave the Wave highlights that the deep drawdown would place BTC in a position “for renewed strength to the upside.”
At time of writing, Bitcoin is trading for $60,357, up from its 24-hour low of $58,443.
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