Grain

Bitcoin

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In a recent analysis, Wolfe Research, a prominent name in market analytics, has&nbsp;<a href="https://www.cnbc.com/2023/11/28/buy-a-bitcoin-pullback-before-it-gets-to-40000-says-wolfe-research.html" rel="noopener noreferrer nofollow">forecasted</a> 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.
<h2 id="all-eyes-on-monthly-close">All eyes on monthly close</h2>
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 <a href="https://u.today/top-trader-weighs-in-on-bitcoin-btc-price-downturn?amp" rel="noopener noreferrer nofollow">reported by U.Today</a>, 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&nbsp;<a href="https://x.com/cryptodonalt/status/1729455660717260839?s=46&amp;t=dYF0hpz-gFc8HcetSehFUQ" rel="noopener noreferrer nofollow">summarized</a> 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."
<h2 id="grain-of-salt">Grain of salt</h2>
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.

Bitcoin (BTC) Price Set to Hit $40K After Dip, Wolfe Research Says

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