Bitcoin to $48,000 in Crypto Summer? Only if…

• An explosive upward trajectory triggered by the Livermore trendline could help Bitcoin reach $48,000.
• While there were signs of a correction, an entry point could be the price of BTC at the time of writing.

Bitcoin [BTC] has become the center of attention in the crypto market since its recent $31,000 hit, thanks to the approval of the first set of Bitcoin-leveraged ETFs. But aside from that, the increase has seen 76% of holders turn a profit, according to IntoTheBlock.

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This has led to speculation about the possibility of a continuous rise during what some are calling the “crypto summer.”

Bullish shifts at high temperatures

To be clear, a crypto summer refers to a period of rising market prices and trading activity. This usually happens after the crypto winter characterized by aggressive market conditions.

While many eagerly await BTC’s next big move, anonymous technical analyst Coiner-Yadox believed the coin could hit between $44,000 and $48,000. According to him, this could happen before the end of the summer or around September.

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

Also known as the “widening mouth accumulation cycle,” the dealt card showed that the Livermore indicator formed a slow, explosive pattern for the aforementioned target.

Source: Coiner-Yadox via Twitter

Moreover, Coin-Yadox mentioned that the 61.8% Fib level could also act as a profit-taking point. But this can only happen when the price reaches the said region. He added that increased sales volume at this point could trigger a 30% correction in hindsight.

Certainty in corrections

Whether this projection comes true or not, many holders seem determined to hold on for the long haul. This was discovered by the increasing condition of the delivery outside the exchanges.

Source: Sentiment

Usually, an increase in the statistic indicated a belief that a bullish rally was imminent. But if it had fallen, that would mean a decline in confidence in the long-term price action.

When 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 correlation with the asset value.

Read Bitcoins [BTC] Price prediction 2023-2024

While the metric condition shouldn’t be the only indicator considered when looking at entry or exit points, at the time of writing the state infers that there could be a solid buy signal for BTC’s price.

Source: Sentiment

In a related development, another analyst, Pentoshi, told his 693.00 Twitter followers that BTC might find support at $29,000. And this would be the correction it should reach $32,000 in the short term. He pointed out,

“Locally a good place to see BTC close daily as we close below previous highs again. Anyway. Think we’ll hit 32k.