The post Trader Predicts 400% Bitcoin Rally Following Correction, Says Short-Term BTC Pain Could Lead to Long-Term Gain appeared on BitcoinEthereumNews.com.

A trader who nailed the May 2021 Bitcoin collapse believes BTC could see more downward price action before igniting a renewed rally en route to new all-time highs. Pseudonymous analyst Dave the Wave tells his 146,700 followers on the social media platform X that BTC may revisit the “buy zone” of his logarithmic growth curve (LGC) model before carving a local bottom. The LGC model aims to predict Bitcoin’s longer-term cycle lows and highs while filtering out shorter-term volatility. According to the analyst, BTC may be mirroring its early 2017 price action when it witnessed a 40% correction before launching a parabolic surge. “A similar 40% drawdown just north of the 0.38 Fibonacci level would see $44,000…. with BTC price back to the trendline and the LGC buy zone.”  Source: Dave the Wave/X Dave the Wave highlights that the deep corrective move will be beneficial for Bitcoin over the long haul. According to the trader, the drawdown would put BTC in a position to rally by 400% toward his bull market price target of $220,000 by the end of 2025. “Short-term BTC pain, long-term gain.”  Source: Dave the Wave/X The trader highlights that downside volatility is part and parcel of a Bitcoin bull market. “BTC’ers got to take the good with the bad… still technically in a bull market… Though one might be confident of the final victory, there can also be a hammering along the way.”  At time of writing, Bitcoin is trading for $57,685, up over 2% on the day. Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X, Facebook and Telegram Surf The Daily Hodl Mix &nbsp Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence…

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Filed under: News - @ July 7, 2024 6:26 pm