Bitcoin's recent leg higher from 30K to 48K is accompanied by falling volumes (falling trendline on volume chart) on Coinbase, which is considered synonymous with institutions and high net worth individuals/entities.
As such, it looks to be a leverage-driven rally, which makes BTC vulnerable to overheating of funding rates (cost of holding longs).
Unless spot market volumes pick up, BTC now looks set for a pullback to 42K. I dont need to say that it will be a buying opportunity for long-term investors.