According to a widely-followed crypto analyst, the worst part of Bitcoin (BTC’s) correction has now passed.
Dave the Wave told his 158,000 subscribers on X, that Bitcoin had entered his “buy zone”, a range in which BTC would likely oscillate until a bullish reversal based upon historical precedent.
LGC is an algorithm that attempts to predict the highs and lows of Bitcoin’s cycle while filtering short-term fluctuations.
As we can clearly see from the graph, the worst correction has passed. This does not mean that the correction will be shorter or prices won’t go down.
According to the LGC Model that has been performing well since 2018, as well as the technical Fibonacci retracement at two levels of the up-cycling move, those prices will likely remain within the “buy zone” (and be tolerable).
According to the LGC’s accuracy over the past seven years, the chart shows that the BTC price will probably drop as low as $50,000.
Analysts’ chart suggests that, if Bitcoin continues to fall further, it will find support around the $56,500.382 Fibonacci Level.
In technical analysis, Fibonacci levels of retracement are used to determine an asset’s resistance and support levels.
Bitcoin currently trades at $67,242, up by 0.15% for the day.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post Crypto Analyst Says Historical Accurate Model Shows the Worst Bitcoin (BTC ) Correction is Now Over could be updated as new information becomes available.
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