Bitcoin (BTC) Delay in Entering Most Explosive Phase of the Cycle Comes With Pluses and Minuses, Crypto Analyst Dave the Wave Says

Pseudonymous analyst Dave the Wave tells 147,700 followers on the social media platform X that Bitcoin may remain in a technical bullish trend for a while longer

A popular crypto analyst believes that Bitcoin’s (BTC) delay in entering the most volatile phase of the cycle has both advantages and disadvantages.

Pseudonymous analyst Dave the Wave tells 147,700 followers on the social media platform X that Bitcoin may continue a technical bullish trend for some time before eventually rising sharply.

“The simple fact is that the BTC price has not risen sharply yet. This is both negative and positive. It is negative in the sense that those higher prices may not come in the here and now (is this really a negative?), and positive in the sense that the price is still technically stable with higher prices at a later date, compared to if the spike had come sooner.

With the number rising rapidly, this served to over-excite the market. There is an element of ‘money illusion’ at work in this in my opinion. Keep in mind also that the price can always turn on a dime to the upside despite the sober technicals.”

Dave the Wave uses his version of logarithmic growth curves (LGCs), which aim to forecast the highs and lows of Bitcoin's market cycle while filtering out short-term volatility.

Examining the trader's chart, he suggests that the LGC support levels could be tested around the $70,000 mark while the overall bullish trend continues.

He also notes that Bitcoin is currently in a consolidation phase until it can break out of a key trendline.

“BTC consolidation the order of the day until the downward diagonal can be broken. Technically, still very solid.”

At the time of writing, Bitcoin is trading at $92,338, down 13.2% over the past two weeks.