A popular crypto analyst, Dave the Wave, has a mixed outlook on Bitcoin’s price action. While Bitcoin hasn’t yet seen its explosive price surge, he sees both positives and negatives in this delay.
The Double-Edged Sword of Delayed Parabolic Growth
Dave the Wave, who boasts a large following on X (formerly Twitter), points out that Bitcoin’s lack of a parabolic rally is a double-edged sword. On the one hand, it means those hoping for skyrocketing prices might have to wait. However, he argues that the current relative stability is a positive sign, suggesting that higher prices are still likely, just perhaps later than some anticipated. He believes the market may have been overly excited by the rapid price increases, creating a kind of “money illusion.” He cautions, however, that prices can change rapidly.
Technical Analysis and Predictions
Dave the Wave uses logarithmic growth curves (LGCs) to predict Bitcoin’s price movements. Based on his analysis, he suggests that Bitcoin could see support around $70,000 while maintaining an overall bullish trend. He also notes that Bitcoin is currently consolidating before a potential breakout from a key trendline. He believes that technically, Bitcoin still looks strong.
Current Market Conditions
At the time of writing, Bitcoin is trading around $92,338, down about 13.2% over the past two weeks.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before making any investment decisions.
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