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

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

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