Bitcoin
Trader Predicts 400% Rise in Bitcoin After Correction, Says BTC’s Short-Term Pain Could Lead to Long-Term Gains
A trader who predicted Bitcoin’s May 2021 collapse believes BTC may see more downward price action before starting a new rally towards new all-time highs.
Pseudonymous analyst Dave the Wave told his 146,700 followers on social media platform X that BTC could revisit the “buy zone” of his logarithmic growth curve (LGC) model before hitting a local bottom.
The LGC model aims to predict Bitcoin’s long-term cycle highs and lows while filtering out short-term volatility.
According to the analyst, BTC may be mirroring its price action from early 2017, when it witnessed a 40% correction before launching a parabolic rise.
“A similar 40% drop just north of the 0.38 Fibonacci level would see $44,000… with BTC price back towards the trendline and LGC buy zone.”
Source: Dave the Wave/X
Dave the Wave highlights that the deep corrective move will be beneficial for Bitcoin in the long run. According to the trader, the drawdown would put BTC in a position to surge 400% towards its bull market price target of $220,000 by the end of 2025.
“BTC short-term pain, long-term gain.”
Source: Dave the Wave/X
The merchant highlights that negative volatility is part and parcel of a Bitcoin bull market.
“BTC’ers have to take the good with the bad…still technically in a bull market…While one may be confident of eventual victory, there may also be a hammer blow along the way.”
At the time of writing, Bitcoin is trading at $57,685, up more than 2% on the day.
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