Analyst Claims Bitcoin Will Break $40K Threshold, S2F Audit Shows BTC Could Tackle $85K by Year's End

Bitcoin prices have been range-bound and consolidating for quite some time but jumped over 9% in the last 24 hours after Elon Musk’s tweet on Sunday. A number of crypto analysts are still unsure about bitcoin’s future price while a few expect a rebound from last month’s lows. One market report notes that bitcoin will likely climb back up “the stock to flow line in the coming months” leading to a price of around $85K before the year’s end.

Financial Analyst: Bitcoin Will Likely Cross the Psychological $40K Threshold Again

Elon Musk’s tweet — that said Tesla would accept bitcoin again if the energy used to process transactions was at least 50% renewables — lifted bitcoin’s (BTC) price over 9% as the crypto asset neared the $40K range again. Alex Kuptsikevich, Fxpro senior financial analyst explained in a note to Bitcoin.com News that there’s been a lot of newfound excitement in the world of cryptocurrency lately.

The crypto market is experiencing another phase of excitement following the positive decision by El Salvador’s parliament to include Bitcoin in the country’s official options of payment,” Kuptsikevich stressed in his note. “It is hard to underestimate this precedent on a global scale, which is why we are now witnessing such strong positive price momentum. Investors, who until recently had been putting off their purchases, are entering the market.” Kuptsikevich continued by adding:

Over the past 24 hours, Bitcoin has been adding 13% and changing hands for $39,500. Thus, the benchmark cryptocurrency is once again trying to rush the $40K threshold. The success of this test of local highs will define the short-term prospects of the crypto market as a whole. The total capitalization of cryptocurrencies in the last 24 hours increased by $126 billion. It is very likely that if the threshold is successfully overcome, we will see a new buying momentum, which will push the first cryptocurrency to the area of $42-$44K.