Bitcoin just topped $ 40,000 after falling to $ 30,000 earlier this week. The cryptocurrency rallied above this key support level on Thursday morning, beating many analysts’ short-term price targets.
Bitcoin is up over 14% in the past 24 hours after hitting a low of $ 30,000 earlier this week to climb to $ 33,000 and now to $ 40,000.
The cryptocurrency is outperforming altcoins from the lows as capital again focuses on BTC.
The rise in BTC price was due to Grayscale Investments, the New York-based institutional digital asset fund manager, reopening its institutional trusts to the crypto markets. Many believe this has led to new inflows into the Bitcoin market, hence the ongoing recovery.
Related Reading: Wall Street Veteran Kickstart’s own BTC fund with a $ 25 million investment
Bitcoin not out of the woods yet?
Analysts say Bitcoin could face a correction from here. The trader, who had forecast the Bitcoin low price for 2018 almost six months in advance with an accuracy of 1.5%, recently told his followers that the ongoing rally appears corrective:
“Ok, I’m no longer at #btc either, longing to correct whether it is part of a major consolidation or a B-wave before another nuke drops to 28,000.” Not sure, but happy to take profit here and here, watch from the sides for a while. “
Overall, however, analysts are confident that the macro trend for Bitcoin will remain optimistic.
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Featured image from TradingView.com’s Unsplash Chart Price Tags: xbtusd, btcusd, btcusdt Bitcoin has just passed $ 40,000: Here’s what investors are saying