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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Just Passed $40,000: Here’s What Investors Are Saying

Bena Ilyas
Bena Ilyas
8 months ago
2 mins read
bitcoin

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Bitcoin just passed $40,000 after falling to $30,000 earlier this week. The cryptocurrency rocketed past this key support level in a rally on Thursday morning, eclipsing short-term price targets by many analysts.

Bitcoin is up over 14% in the past 24 hours, having bottomed at $30,000 earlier this week to rebound to $33,000, then now to $40,000.

The cryptocurrency is outperforming altcoins from the lows as capital once again focuses on BTC.

The rally in the BTC price comes after Grayscale Investments, the New York-based digital asset fund manager for institutional players, has reopened its institutional trusts for the crypto markets. Many believe that this has resulted in fresh inflows into the Bitcoin market, hence the ongoing recovery.

Related Reading: Wall Street Veteran Kickstarts Own BTC Fund With $25m Investment

Bitcoin Not Out of the Woods Just Yet?

Analysts say that Bitcoin could face a correction from here. The trader that predicted 2018’s Bitcoin bottom price to 1.5% accuracy nearly six months in advance recently told his followers that the ongoing rally seems corrective:

“ok, im out of #btc longs here now aswell, this move up feels corrective, whether it be part of a larger consolidation or a B wave up before another nuke down to 28k im not sure, but im happy to take profit here and watch from the sides for a little while.”

Analysts are overall confident, though, that the macro trend remains bullish for Bitcoin.

Related Reading: 3 BTC On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash
Chart from TradingView.com
Price Tags: xbtusd, btcusd, btcusdt
Bitcoin Just Passed $40,000: Here's What Investors Are Saying
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Bena Ilyas
Bena Ilyas

Bena Ilyas

Benna Ilyas is a finance and cryptocurrency enthusiast who has been writing about Bitcoin and the blockchain since 2021. She is an author at Bitcoinist and NewsBTC, and she also runs his blog, where he writes about all things related to crypto and finance.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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