Top Trader Says Breaking Parabolic Trend a Positive for Bitcoin, Unveils Timeline for Renewed BTC Strength

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.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

The post Top Trader Says Breaking Parabolic Trend a Positive for Bitcoin, Unveils Timeline for Renewed BTC Strength appeared first on The Daily Hodl.