In a recent tweet, Yahoo Finance analyst Jared Blikre says that $40,000 could be “a big upside target” for Bitcoin, the world’s largest cryptocurrency.
Blikre explains that the flagship coin has formed a big base at the $20,000 level.
On Sept. 6, the price of Bitcoin plunged to $18,669, the lowest level since June.
However, bulls managed to step in to save the day. Over the past five days, the price of the leading cryptocurrency has surged by roughly 18%.
Blikre has noted that there is “tons” of price memory from the $30,000 level and the $60,000 level.
If the Bitcoin price does reclaim some of the bullish targets, it remains to be seen how many traders-turned-HODLers will be tempted to take profits.
On Aug. 15, the price of the largest cryptocurrency surged to $25,212, but bulls failed to maintain the momentum.
The largest cryptocurrency is currently trading at $21,622, according to data provided by CoinMarketCap.
The largest cryptocurrency is currently valued at $414 billion.