A popular crypto analyst says that Bitcoin\u2019s (BTC<\/a>) path toward a massive bull cycle remains intact despite the market correction.<\/p>\n Pseudonymous analyst Dave the Wave tells<\/a> his 140,100 followers on the social media platform X that BTC appears to be in the midst of a consolidation period after rallying by about 100% from its November 2022 bottom.<\/p>\n The trader also says that the weekly logarithmic moving average convergence divergence (LMACD) indicator is still above the zero line, which has historically acted as support for BTC.<\/p>\n The LMACD indicator is designed to signal changes in an asset\u2019s trend, strength and momentum. Typically, an asset is seen as bullish once it crosses the LMACD zero line.<\/p>\n Says Dave the Wave,<\/p>\n \u201cTechnically, not panic stations but plain sailing: <\/em><\/p>\n 1. A consolidation of this year\u2019s move up.<\/em><\/p>\n 2. This year\u2019s move up near as long as the move down from peak to low (low holding).<\/em><\/p>\n 3. Weekly LMACD consolidating to the zero line.<\/em><\/p>\n Still in the buy zone for investors.\u201d<\/em><\/p>\n According to the trader, indicators are not changing the broader case<\/a> for a bull cycle even though market sentiment appears to be flipping bearish.<\/p>\n \u201cYou can listen to scaremongers, who play on the popular sentiment\u2026 or you can keep your eye on the rational technicals.\u201d<\/em><\/p>\n The analyst also says that the current Bitcoin correction is nothing out of the ordinary considering BTC\u2019s strong rally earlier this year.<\/p>\n \u201cIf people stopped to consider that BTC price retraced a full 50% of its decline from the peak, then they wouldn\u2019t be too surprised to see consolidation here.\u201d<\/em><\/p>\n Looking at the trader\u2019s chart, he appears to predict that the current correction could push Bitcoin to the 50% Fibonacci level at around $23,000.<\/p>\n The trader previously predicted<\/a> BTC will revisit its all-time high at around $69,000 sometime next year followed by a deep corrective move below $50,000.<\/p>\n Bitcoin is trading at $25,139 at time of writing, down 2.9% in the last 24 hours.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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