Renowned for his accurate predictions about Bitcoin, a trader asserts that the current correction in BTC’s price is beneficial for the long-term upward trend of the leading cryptocurrency. Going by the name Dave the Wave, this pseudonymous analyst informs his impressive following of 146,700 users on X, a social media platform, that Bitcoin’s recent dip below $60,000 has dashed hopes of a parabolic surge. Instead, he believes that more consolidation lies ahead, enabling BTC to establish a stronger foundation for a powerful takeoff later in the year. Dave the Wave suggests that the absence of a parabolic rise is advantageous as it allows Bitcoin to develop in a stable manner, characterized by consolidation followed by renewed strength in the fourth quarter. He further notes that a frenzied market at a later stage would result in higher prices compared to an earlier surge. In a recent prediction, Dave the Wave anticipated that Bitcoin could drop as low as $50,000, where it is likely to encounter support at the 0.382 Fibonacci retracement level. According to his logarithmic growth curve (LGC) model, which filters out short-term volatility and aims to forecast Bitcoin’s long-term cycle lows and highs, a decline to $50,000 would position BTC within the “buy zone” and pave the way for an upward resurgence. As of now, Bitcoin is being traded at $60,357, having rebounded from a 24-hour low of $58,443.