Crypto Analyst Says Historically Accurate Model Shows Worst of Bitcoin (BTC) Correction Now Over

A Crypto Analyst Believes Bitcoin Correction is Nearing an End

A popular crypto analyst, Dave the Wave, recently shared his insights with his 158,000 followers on X, suggesting that Bitcoin’s correction may be coming to a close. According to him, Bitcoin has entered the “buy zone” of his logarithmic growth curve (LGC), indicating a range where BTC is likely to consolidate before a potential bullish reversal.

The LGC model is designed to predict Bitcoin’s market cycle highs and lows while filtering out short-term fluctuations. Dave the Wave’s chart shows that the worst of the correction may be behind us, although he cautions that prices could still dip lower within the buy zone before a turnaround.

Based on historical data and the LGC model’s performance since 2018, the analyst believes that Bitcoin’s price could stabilize around $50,000, which marks the lower bound of the buy zone. Additionally, he points to the .382 Fibonacci retracement level at $56,500 as a potential support level if Bitcoin sees another leg down.

Fibonacci retracement levels are commonly used in technical analysis to identify key support and resistance levels for an asset. As of the time of writing, Bitcoin is trading at $67,242, showing a slight increase of 0.15% on the day.

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