Bitcoin just passed $40,000 after falling to $30,000 earlier this week. The cryptocurrency rocketed past this key support level in a rally on Thursday morning, eclipsing short-term price targets by many analysts.
Bitcoin is up over 14% in the past 24 hours, having bottomed at $30,000 earlier this week to rebound to $33,000, then now to $40,000.
The cryptocurrency is outperforming altcoins from the lows as capital once again focuses on BTC.
The rally in the BTC price comes after Grayscale Investments, the New York-based digital asset fund manager for institutional players, has reopened its institutional trusts for the crypto markets. Many believe that this has resulted in fresh inflows into the Bitcoin market, hence the ongoing recovery.
Bitcoin Not Out of the Woods Just Yet?
Analysts say that Bitcoin could face a correction from here. The trader that predicted 2018â€™s Bitcoin bottom price to 1.5% accuracy nearly six months in advance recently told his followers that the ongoing rally seems corrective:
â€œok, im out of #btc longs here now aswell, this move up feels corrective, whether it be part of a larger consolidation or a B wave up before another nuke down to 28k im not sure, but im happy to take profit here and watch from the sides for a little while.â€
Analysts are overall confident, though, that the macro trend remains bullish for Bitcoin.