dailyhodl.com
A widely followed crypto analyst believes Bitcoin’s (BTC) delay in entering the most explosive phase of the cycle comes with pluses and minuses.
Pseudonymous analyst Dave the Wave tells 147,700 followers on the social media platform X that Bitcoin may remain in a technical bullish trend for a while longer before eventually going parabolic.
“The simple fact is that BTC price has not gone parabolic yet. This is both a negative and a positive. A negative in that those higher prices might not come in the here and now (is this really a negative?), and a positive in that price is still technically stable with eventual higher prices at a later date, compared to if the spike had come sooner.
With the number getting high fast, this served to over-excite the market. There is an element of ‘money illusion’ at work in this in my opinion. Keep in mind also that price can always turn on a dime to the upside despite the sober technicals.”
Dave the Wave uses his version of logarithmic growth curves (LGCs), which aim to forecast Bitcoin’s market cycle highs and lows while filtering out short-term volatility.
Looking at the trader’s chart, he suggests that LGC’s support levels may be tested around the $70,000 range while the overall bullish trend remains intact.
He also says that Bitcoin is currently in a consolidation phase until it can break out of a key trendline.
“BTC consolidation the order of the day until the downward diagonal can be broken. Technically, still very solid.”
Bitcoin is trading for $92,338 at time of writing, down 13.2% in the last two weeks.
Generated Image: Midjourney