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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.

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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.

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