A renowned Bitcoin trader known for his accurate predictions believes that the cryptocurrency’s bull market trend line is breaking, indicating a possible correction. Dave the Wave, an analyst with a large following on X, suggests that BTC could drop to around $50,000, marked by the 0.38 Fibonacci level. He explains that with the trendline breaking, it is likely that BTC’s price will consolidate in the short term, either forming a range or finding support at the buy zone. This could set the stage for a better fourth quarter. The trader is closely monitoring the monthly chart for confirmation of a trend reversal, emphasizing that these things take time. Currently, Bitcoin’s monthly candle is trading below the diagonal support level. Dave the Wave has previously used his logarithmic growth channel (LGC) curve to predict Bitcoin’s long-term cycle lows and highs, filtering out short-term volatility. According to his chart, Bitcoin could reach over $300,000 by the end of 2025. As of now, Bitcoin is trading at $62,249, experiencing a 3% decrease for the day.