The well-known trader Dave the Wave, who has a history of accurate Bitcoin predictions, is now suggesting that the cryptocurrency’s bull market trend line is breaking. In a recent update to his 146,000 followers on the social media platform X, he warned that Bitcoin may be on the verge of a correction, potentially dropping to around the $50,000 mark.
With the trendline breaking, Dave the Wave believes that Bitcoin’s price may consolidate in the short term, forming a range or finding support at the 0.38 Fibonacci level. This could set the stage for a more positive fourth quarter. He emphasized the importance of monitoring the monthly chart for confirmation of a trend reversal, stating that these changes take time to materialize.
The current monthly candle for Bitcoin has dipped slightly below the diagonal support level since Dave the Wave shared his analysis. He has also made a bold prediction for a potential market top for Bitcoin in December 2025, using his version of the logarithmic growth channel (LGC) curve. This curve aims to forecast Bitcoin’s longer-term cycle lows and highs by filtering out short-term volatility.
According to Dave the Wave’s chart, Bitcoin could reach the top of the LGC model and surge above $300,000 by the end of 2025. Despite his optimistic long-term outlook, Bitcoin is currently trading at $62,249, marking a more than 3% decrease on the day. To stay informed about the latest updates and analysis from Dave the Wave, followers are encouraged to subscribe for email alerts and follow him on X, Facebook, and Telegram.
In conclusion, the crypto community is closely monitoring Bitcoin’s price movements following Dave the Wave’s cautionary analysis. His insights into the potential correction and longer-term market dynamics have generated significant interest among traders and investors. As Bitcoin continues to navigate through its price fluctuations, it remains to be seen how accurate Dave the Wave’s predictions will be in the coming months and years. Stay tuned for more updates on Bitcoin’s market trends and future price projections.