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Bitcoin to $48,000 in crypto summer? Only if…

2min Read

Bitcoin may have hit a local top, according to some analysts. However, here are some indicators showing that the perception could be wrong.

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  • An explosive upward trajectory, triggered by the Livermore trendline, could help Bitcoin reach $48,000.
  • While there were signs of 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 $31,000 hit, thanks to the approval of the first set of Bitcoin-leveraged ETFs. But beyond that, the hike has ensured that 76% of holders are in gains, according to IntoTheBlock

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This has mounted speculation about the possibility of a continuous surge during what some refer to as the “crypto summer.”

Bullish shifts in hot temperatures 

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

While many are eagerly anticipating BTC’s next major move, anonymous technical analyst Coiner-Yadox opined that the coin could hit between $44,000 and $48,000. According to him, this could happen before summer ends or around September.

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

Also known as the “accumulation cycle with a widening mouth,” the chart shared showed that the Livermore indicator was forming a slow, explosive pattern to the aforementioned target. 

Bitcoin price prediction in summer

Source: Coiner-Yadox via Twitter

Furthermore, Coin-Yadox mentioned that the 61.8% Fib level could also act as a profit-taking point. But this might only occur when the price hits the said region. He added that increased selling volume at this point could trigger a 30% correction afterward.

Surety in corrections

Whether this projection comes to fruition or not, many holders seem to be committed to holding for the long term. This was discovered by the increasing state of the supply outside of exchanges

Bitcoin [BTC] price and supply outside of exchanges

Source: Santiment

Usually, an increase in the metric denoted the conviction that a bullish rally was forthcoming. But if it had decreased, then it would mean dwindling confidence in the long-term price action.  

On 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 with the asset value.

Read Bitcoin’s [BTC] Price Prediction 2023-2024

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

Bitcoin Price-DAA divergence

Source: Santiment

In a related development, another analyst, Pentoshi, told his 693,00 Twitter followers that BTC might find support at $29,000. And this could be the correction it needs to reach $32,000 in the short term. He pointed out,

“Locally a good spot to watch the BTC daily close on if we close back below the prev highs. Either way. Think we make it to 32k.”


Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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