Bitcoin at $48,000 in crypto summer? Only if

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An explosive upward trajectory, triggered by Livermore’s trendline, could help Bitcoin reach $48,000. Although there have been signs of a correction, an entry point could be BTC’s press time price.

Bitcoin [BTC] has become the center of attention in the crypto market since its recent hit of $31,000, thanks to the approval of the first set of leveraged Bitcoin ETFs. But beyond that, the rise has ensured that 76% of holders are in gains, according to IntoTheBlock.

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This has sparked speculation about the possibility of a continued rise during what some are calling the crypto summer.

Bullish shifts in warm temperatures

For clarity, a crypto summer refers to a period of rising market prices and trading activity. This usually happens after the crypto winter characterized by hawkish market conditions.

While many are eagerly awaiting BTC’s next major move, anonymous technical analyst Coiner-Yadox has estimated that the coin could reach between $44,000 and $48,000. According to him, this could happen before the end of the summer or around September.

His projection was driven by the 61.8% Fibonacci retracement level and Livermore’s accumulation cylinder trendline.

Also known as the Widening Mouth Accumulation Cycle, the split chart showed the Livermore indicator forming a slow, explosive pattern towards the aforementioned target.

Source: Coiner-Yadox via Twitter

Additionally, Coin-Yadox mentioned that the 61.8% Fib level could also serve as a profit point. But this can only happen when the price reaches said region. He added that an increase in sales volume at this point could trigger a 30% correction thereafter.

Caution in corrections

Whether or not that projection materializes, many holders appear to be committed to holding for the long term. This was discovered by the growing state of supply outside of exchanges.

Source: Santiment

Usually, an increase in the metric denoted the belief that a bullish rally was coming. But if it had gone down, it would mean less confidence in the long-term price action.

Looking at the price-Daily Active Addresses (DAA) divergence, Santiment showed that it had fallen to 97.35%. This metric compares the overall level of network activity in correlation to the value of the asset.

Read bitcoins [BTC] Price Prediction 2023-2024

Although the condition metric should not be the only indicator considered when looking at entry or exit points, the condition at the time of publication infers that there could be a signal to buy solid at the price of BTC.

Source: Santiment

In a related development, another analyst, Pentoshi, told his 693,000 Twitter followers that BTC may find support at $29,000. And this could be the correction it needs to hit $32,000 in the near term. He pointed out,

Locally a good place to watch BTC close daily if we break back below previous highs. In both cases. I think we are getting to 32k.

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