Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
The correction in crypto markets is good news for the long-term bullish trend

The correction in crypto markets is good news for the long-term bullish trend

Cryptodnes2024/06/25 16:37
By:Cryptodnes

A trader known for his accurate Bitcoin (BTC) predictions believes that the current correction is favorable for his long-term uptrend.

The analyzer known as “Dave the Wave” stated that Bitcoin's recent dip below $60,000 has thwarted the possibility of a parabolic rally.

According to him, the price action of BTC shows that more consolidation is ahead, which will allow the cryptocurrency to build a stronger foundation for a serious rally later this year:

The positive aspect of this… is its continued development in a relatively stable technical fashion – consolidation followed by renewed strength entering the fourth quarter. A [more dynamic] market will see higher prices later than if the [price] rose earlier.

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. pic.twitter.com/s6xNGEEs7q

— dave the wave🌊🌓 (@davthewave) June 24, 2024

He also recently predicted that the price of Bitcoin could fall to around $50,000, where it would likely find support.

READ MORE:
Over 50% of investment managers are considering crypto investments

Analyst suggests a drop to $50,000 will bring BTC back to “the buying area” against his Log Growth Curve (LGC) model, which is designed to predict the long-term bottoms and tops of the Bitcoin cycle while filtering out short-term volatility.

Even if #btc came back to support at the 'buyzone', a 3x appreciation in 2 years, where technically it would be well-positioned for renewed strength to the upside, is not too shabby for investors that bought the LGC buyzone earlier.🧐 pic.twitter.com/6wmd1zxbEW

— dave the wave🌊🌓 (@davthewave) June 24, 2024

Dave further emphasized that such a deep correction would position BTC for renewed upward momentum.

SHARE: SHARES
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Revisiting Ethena: After an 80% drop, is ENA still undervalued in the hitting zone?

This article reflects the author's thoughts up to the time of publication, which may change in the future. The views expressed are highly subjective and may contain errors in facts, data, or reasoning. Criticism and further discussion from peers and readers are welcome, but this article does not constitute any investment advice.

Chaincatcher2024/11/01 13:11

Overview of the U.S. Treasury's Report on Crypto Assets and the Treasury Market

Despite the small base, crypto assets have still experienced rapid growth.

Chaincatcher2024/11/01 13:11