The Correction in Crypto Markets is Good News for the Long-Term Bullish Trend

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

The analyst known as “Dave the Wave” said Bitcoin’s recent drop below $60,000 has thwarted the possibility of a parabolic rise.

According to him, BTC’ s price action indicates that more consolidation is on the way, which will allow the cryptocurrency to build a more solid foundation for a serious rise later this year:

The positive aspect of this… is its continued development in a relatively stable technical fashion – consolidation followed by renewed strength going into the fourth quarter. In a [more dynamic] market, we will see higher prices later than if [the price] were to rise earlier.

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

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

The analyst suggested that a drop to $50,000 would put BTC back in the “buy zone” relative to his logarithmic growth curve (LGC) model, which is designed to predict the long-term lows and highs 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 also highlighted that such a deep correction would position BTC for renewed upward momentum.