Cryptocurrency analyst Dave the Wave noted that the delay in Bitcoin 
$92,917’s (BTC) explosive rise carries both positive and negative implications. He stated that the price movement’s technical stability could make higher levels possible for Bitcoin in the long term. On social media platform X, Dave the Wave commented, “The fact that BTC’s price has yet to reach parabolic levels is both a negative and a positive situation. The negative aspect could be that the price has not risen immediately, while the positive aspect is that it maintains technical stability, allowing for higher levels in the future.”
Bitcoin’s Technical Trends and Support Levels
According to Dave the Wave’s analysis, Bitcoin may remain technically bullish for an extended period. The analyst suggests that Bitcoin’s price is holding the support levels indicated by his logarithmic growth curve (LGC) model. This model filters short-term fluctuations to predict market peaks and troughs.
He believes that the $70,000 level could be a significant support area in the near future. “BTC is maintaining its technical stability and is in a consolidation phase. A parabolic rise may be possible in a later stage,” he added.
Bitcoin Maintains Stability During Consolidation Phase
Dave the Wave expressed that Bitcoin will continue its consolidation phase as long as it does not break a critical trend line. The analyst stated, “Consolidation is the order of the day for BTC, displaying a technically solid outlook until a downward diagonal break occurs.”
At the time of writing, Bitcoin was trading at $92,338, reflecting a 13.2% decline over the past two weeks.
The analyst’s insights encourage market participants to maintain patience. Technical stability of the price could lay the groundwork for a larger upward movement in the future. However, short-term fluctuations require investors to act cautiously.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
