A trader known for making timely Bitcoin predictions has said that the current BTC correction is healthy for the crypto champion’s long-term uptrend.
Anonymous analyst Dave the Wave told his 146,700 followers on social media platform X that Bitcoin’s recent drop below $60,000 has eliminated any chance of a BTC surge.
According to the crypto strategist, Bitcoin’s price action suggests that further consolidation is on the way, allowing BTC to build a better foundation for a stronger rally later this year.
“The upside of BTC not exponentially increasing is that relatively stable technical developments will continue. As we enter Q4, we will see consolidation and then renewed strength. If the market becomes more enthusiastic at a later date, we will see prices rise more than they did earlier.”
Dave the Wave recently predicted that Bitcoin will likely fall to $50,000 and find support at the 0.382 Fibonaci retracement level.
According to the analyst, a drop to $50,000 would send Bitcoin back into the “buy zone” of the logarithmic growth curve (LGC) model, which aims to predict Bitcoin’s long-term cycle lows and highs and filter out short-term volatility.
Dave the Wave emphasized that the big drop puts BTC in a position of “new strength to rise.”
At the time of writing, Bitcoin is trading at $60,357, up from a 24-hour low of $58,443.
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