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.
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
Featured Image from Unsplash Chart from TradingView.com Price Tags: xbtusd, btcusd, btcusdt Bitcoin Just Passed $40,000: Here's What Investors Are Saying