U.Today - In a recent analysis, Wolfe Research, a prominent name in market analytics, has that Bitcoin's next pullback could be a significant buying opportunity.
The New York-based research firm is predicting a potential rise in price to $40,000.
Bitcoin is currently trading at $37,314, according to TradingView data.
All eyes on monthly close
Traders and investors are closely monitoring Bitcoin's performance just days ahead of a pivotal monthly close.The digital currency's recent climb to over $38,000 was a notable event that sparked investor enthusiasm and translated into stronger market sentiment. However, the challenge lies in sustaining this peak.
As , popular chartist Scott Redler recently advised active traders to adjust their stop to $34,900 following the bellwether cryptocurrency's failure to hold the $38,000 level.
Popular trader DonAlt the current state of the market succinctly in a recent post on the X social media platform: "Sub $35k? It's over. Above $37.2k? We might be back. In between? It's so chop."
Grain of salt
Wolfe Research's bullish prediction for Bitcoin's price post-pullback should be taken with a pinch of salt.For instance, in September, Wolfe Research had declared that Bitcoin's long-term price momentum was breaking. Ironically, this prediction was followed by a substantial price surge.
This serves as a reminder that predictions in the volatile world of cryptocurrency can often be uncertain and subject to rapid change.