Crypto analyst Dave the Wave, known for his timely calls in the cryptocurrency market, has warned that Bitcoin (BTC) could experience a significant decline in value in the next few months. Here is the analyst’s price prediction for BTC in the short and long term.
Bitcoin’s Price Could be on the Verge of a 38% Pullback
Anonymous crypto analyst Dave the Wave expects the largest cryptocurrency Bitcoin to fall to the lower boundary of the logarithmic growth curve (LGC) before the end of the year. The LGC, which the analyst warns of a decline, is a graph model that aims to predict the highest and lowest levels of Bitcoin over its lifetime, ignoring short-term volatility.
Explaining his expectations for the decline, the analyst said, “The price of BTC increased by approximately 2 times from the bottom to the top of the LGC’s buying zone in eight months. I expect the price to consolidate back to the base, which is about 38% of this movement, in the next few months. This presents an important opportunity for long-term investors. In other words, the price will be in the buying zone for long-term investors.”
Looking at the graph model, it can be seen that the analyst expects Bitcoin’s price to drop by 38% from the year’s highest level and reach around $24,000 in December 2023. The LGC model presented by the analyst reflects a critical intersection between resistance and support levels at the current value of Bitcoin, indicating a significant price movement on the horizon.
According to the Analyst, Bitcoin is Evolving as an Asset
Furthermore, Dave the Wave suggests that the recent sideways price movement of Bitcoin can be seen as a sign of its evolution as an asset, stating, “From a macro perspective, the increasing stability of the price is good news for all this anticipation. It indicates that as BTC matures on the path to discovering its ultimate price, it becomes less volatile.”
According to CoinMarketCap data, Bitcoin is trading above $29,000 with a 0.04% increase in the last 24 hours, at $29,883. The largest cryptocurrency, which has gained 76.70% in value since the beginning of the year, has experienced a 3.22% decline in the last 30 days.
