A widely followed crypto analyst says that the most severe part of Bitcoin’s (BTC) correction is now over.
Dave the Wave tells his 158,000 followers on X that Bitcoin has entered the “buy zone” of his logarithmic growth curve (LGC), a range that BTC will likely chop around within until a bullish reversal based on historical precedence.
The LGC is a model that aims to forecast Bitcoin’s market cycle highs and lows while filtering out short-term volatility.
“As we can see by the chart, there is good reason to think the worst of the correction is behind us. That said, this does not mean to say there it will not be lengthier, or that prices will not go lower.
But those lower prices are likely to stay within the buy zone [and remain tolerable] according to the LGC model that has performed well since 2018 as well as a technical two level fib (Fibonacci) retracement of the cyclical move up.”
Looking at his chart, the analyst suggests the lower bound of the “buy zone,” currently at around $50,000, will likely be the lowest level BTC could possibly decline to based on the LGC model’s accurate track record for the last seven years.
The analyst’s chart also suggests that if there is another leg down, Bitcoin will likely find support at the .382 Fibonacci level at around $56,500.
Fibonacci retracement levels are used in technical analysis for determining an asset’s support and resistance levels.
Bitcoin is trading for $67,242 at time of writing, up 0.15% on the day.
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