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

Bitcoin is up more than 14% in the last 24 hours, having hit a low at $ 30,000 earlier this week to return to $ 33,000 and now down to $ 40,000.

The cryptocurrency is outperforming altcoins from the lows as capital refocuses on BTC.

The BTC price surge comes after Grayscale Investments, the New York-based Digital Asset Fund Manager for institutional players, reopened its institutional trusts for the crypto markets. Many believe this has resulted in a fresh influx into the Bitcoin market hence the ongoing recovery.

Related reading: Wall Street Veteran Kickstarts Own BTC Fund with $ 25 Million Investment

Bitcoin not out of the woods yet?

Analysts say Bitcoin could be corrected from here. The trader who predicted Bitcoin’s bottom price in 2018 with 1.5% accuracy almost six months in advance recently told his followers that the ongoing rally appears to be corrective:

“Okay, I don’t have any #btc longs here now either, this increase feels corrective whether it’s part of a larger consolidation or a B wave for another nuclear bomb to 28k. Not sure but I’m happy to make a profit here and look aside for a while. “

However, analysts are generally convinced that the macro trend remains bullish for Bitcoin.

Related reading: 3 BTC On-Chain Trends Show Macro Bull Market Is Brewing
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Bitcoin Just Passed $40,000: Here's What Investors Are Saying

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