Bitcoin’s new high to $ 40,000 came after a fall to the $ 31,000 region
Bitcoin has just surpassed $ 40,000, after dropping to $ 30,000 earlier this week. The cryptocurrency soared beyond this key support level on a Thursday morning high, eclipsing short-term price targets by many analysts.
Bitcoin has risen more than 14% in the last 24 hours, having reached $ 30,000 earlier this week, rebounded to $ 33,000, and now to $ 40,000. The cryptocurrency is overtaking altcoins at minimums, as capital once again focuses on BTC.
The BTC price hike comes after Grayscale Investments, a New York-based digital asset fund manager for institutional participants, reopened its institutional funds for the cryptocurrency markets. Many believe that this has resulted in new inflows into the Bitcoin market, hence the continued recovery.
Has Bitcoin not yet come out of the woods?
Analysts say Bitcoin may face a correction from here. The trader who predicted the 2018 Bitcoin floor price with 1.5% accuracy almost six months in advance, recently told his followers that the continuing bullish looks corrective:
“Okay, I’m out of #btc longs here too, this upward movement seems corrective, whether it’s part of a bigger consolidation or a B wave before another nuclear bomb up to 28k, I’m not sure, but I’m happy to make a profit here and I’ll watch out for a while. ” Analysts are confident that the macro trend remains bullish for Bitcoin.