Bitcoin is no longer in a parabolic rise

Pseudonymous analyst Dave the Wave notes that Bitcoin losing the $60,000 mark – which happened last night – means there is no longer a parabolic trend. According to Dave the Wave, more consolidation is coming for Bitcoin, which means we can build a “better foundation” here.

Not parabolic, but positive points

Although Bitcoin is not going parabolic at the moment and the chance of this happening is lost, Dave the Wave also sees positive points for the digital currency.

“A positive side to the fact that Bitcoin does not go parabolic is that it allows the coin to continue developing in a stable manner. Consolidation and then renewed strength heading into the fourth quarter,” said Dave the Wave.

According to the analyst, this could even lead to higher prices for Bitcoin in the long term. The longer the consolidation lasts, the higher the prices we will soon reach according to Dave the Wave.

A positive of #btc price not going parabolic is that it continues to develop in a relatively stable technical manner – consolidation and then renewed strength going into the 4th quarter. A manic market at a later date would see higher prices than if it came earlier. pic.twitter.com/s6xNGEEs7q

— dave the wave🌊🌓 (@davthewave) June 24, 2024

So, according to Dave the Wave, we have to be patient until the fourth quarter of 2024. Until then, it is hoped that Bitcoin can re-establish itself at the top of the trend channel, around the $71,000 to $72,000 level.

Bitcoin back to $50,000?

Dave the Wave even predicted that Bitcoin could fall back to $50,000. There, the digital currency should find support at the 0.382 Fibonacci level.

According to the analyst, a Bitcoin price of $50,000 would put us back in the “buy zone” of his logarithmic growth curve (LGC) model, which attempts to predict the Bitcoin price in the long term and filter the noise in the short term.

At the time of writing, the Bitcoin price is clocking in at $60,964, while a price of $58,443 was still listed for the digital currency last night.

In that regard, Bitcoin has seen another major rebound.

Trade €10,000 for free and get a 10 euro bonus

Do you want to enter the crypto world and perhaps buy Bitcoin or another crypto? Then grab your chance now with this exclusive offer! Thanks to a special deal between Newsbit and Bitvavo, one of the most accessible and user-friendly crypto exchanges in Europe, our readers receive an exclusive offer.

Create an account with Bitvavo via the button below and receive a welcome gift of 10 euros completely free. And that’s not all – you also don’t pay trading fees on your first 10,000 euros in transactions. Register now!