As the price of Bitcoin rises toward $32K, market analyst warns that this summer will be "boring"

After the June 6 Wall Street opening, when BTC/USD broke a nine-week losing streak, Bitcoin (BTC) kept new higher levels.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin could reach as high as $37,000. Data from Cointelegraph Markets Pro and TradingView showed how the biggest cryptocurrency surged past $31,500 on the back of 6% daily rises. The start of Wall Street trading provided further support to bulls, with United States equities rising. At publication, the S&P 500 was up 1.4%, while the Nasdaq Composite was up close to 2%.

For prominent social media analyst Wolf, if the S&Ps flip their 21-month exponential moving average (EMA), which supports Bitcoin, it may provide more upside.

After $30,000 of BTC/USD held over the night on August 14, Cointelegraph contributor Michaël van de Poppe became more upbeat, “a nice move of Bitcoin overnight, as we held the area around $29.7K and continued to run,” he said. “Resistance zone now, wouldn’t be longing around here (might even sweep above $31.8K to take the liquidity). Looking at around $30.5K for a potential new long and then targeting $32.8K.”

On longer timeframes, the mood was subdued in the face of continuous monetary tightening by central banks and rising prices. The summer appeared to be uninspiring for hodlers, according to commentator Bob Loukas, “Probably going to be a boring summer in Crypto. The heavy selling is done, now it’s the doldrums period where only smart money accumulates,”.

Others took advantage of Bitcoin’s rise to benefit from the momentum. Among them was Ether (ETH), the largest altcoin by market capitalization, which rose more than 7% daily to surpass $1,900.

ETH/USD 1-hour candle chart (Binance). Source: TradingView

In the fourth hour of trading, Cardano (ADA) and Solana (SOL) both rose more than 10%. Cardano and Solana both increased by more than 10%, making them among the top ten cryptocurrencies by market capitalization. Elrond (EGLD) was the only top fifty token to trade in the red. Loukas stated that Bitcoin’s market cap is likely to be a significant risk for altcoins in the months ahead. “BTC could fall as low as $USD 3–6 over 3-6 months from now,” another message warned.

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