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.

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.

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