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, only to bounce back to $ 33,000 and then 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.
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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 Unsplash Chart from TradingView.com Price Tags: xbtusd, btcusd, btcusdt Bitcoin Just Passed $40,000: Here's What Investors Are Saying