CoinDesk reports:
A trader who pinpointed the May 2021 Bitcoin crash believes that Bitcoin may see more price drops before triggering a new rebound and reaching a new all-time high.
Anonymous analyst Dave the Wave told his 146,700 followers on social media platform X that BTC may revisit its “buy zone” in his logarithmic growth curve (LGC) model before digging a local bottom.
The LGC model aims to predict long-term lows and highs of Bitcoin while filtering out short-term volatility.
The analyst suggested that BTC may reflect its price action in early 2017, when BTC saw a 40% pullback before embarking on a parabolic rise.
“If a similar 40% drop occurs north of the 0.38 Fibonacci level, it would take us to $44,000… BTC prices would return to the trend line and the LGC buy zone.”
Source: Dave the Wave/X
Dave the Wave emphasized that, in the long run, deep corrections would be beneficial for Bitcoin. According to the trader, this dip would propel BTC to its $220,000 bull market target by the end of 2025, a 400% increase.
“Short-term pain, long-term gain for BTC.”
Source: Dave the Wave/X
The trader stressed that downward fluctuations are part of the Bitcoin bull market.
“Bitcoiners must accept the good and the bad… Technically still in a bull market… Even though people may be confident in the ultimate victory, there may be setbacks along the way.”
At the time of writing, Bitcoin is trading at $57,685, with a daily gain of over 2%.
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