In a recent analysis, Wolfe Research, a leading name in market analysis, has predicted that Bitcoin’s next pullback could be a major buying opportunity.
The New York-based research firm predicts a possible price increase to $40,000.
Bitcoin is currently trading at $37,314, according to data from TradingView.
All eyes on the monthly closing
Traders and investors are closely monitoring Bitcoin’s performance just days before a pivotal monthly close.
The recent rise of the digital currency to over $38,000 was a notable development that sparked investor enthusiasm and resulted in stronger market sentiment. However, the challenge lies in maintaining this peak.
As U.Today reported, popular chartist Scott Redler recently advised active traders to adjust their stop to $34,900 after the leading cryptocurrency failed to hold the $38,000 level.
Popular Trader DonAlt summarized the current state of the market succinctly in a recent post on the social media platform .
grain of salt
Wolfe Research’s bullish prediction on Bitcoin price after the pullback should be taken with a pinch of salt.
For example, in September, Wolfe Research had stated that Bitcoin’s long-term price momentum was breaking down. Ironically, this prediction was followed by a substantial price increase.
This serves as a reminder that predictions in the volatile world of cryptocurrencies can often be uncertain and subject to rapid change.
