Here's why Bitcoin price is going to 40K

Why is Bitcoin price heading down? 

The Bitcoin price is declining because many short-term investors are taking profits at the moment. As I mentioned in my CMC post, many investors started buying Bitcoin at around $15,000 per Bitcoin, and some of those investments were made by short-term investors. On the other hand, many investors believe that Bitcoin's price will revisit $40,000 before any significant pump takes place. However, don't let that discourage you; it's normal for any market to experience price corrections, which create new opportunities for new investors as part of the market conditions.

When are we going to see Bitcoin price at $100,000 and above?

Honestly speaking, there are many factors that could determine if we will see the Bitcoin price exceed $100,000. As we all know, the last two bull seasons were based on hype, but the upcoming bull season will depend on what regulators around the world decide to do with the crypto industry. If regulators decide to regulate the crypto market or license crypto firms, it will boost investor confidence and attract smarter investments into the market eventually send Bitcoin price flying. We are already seeing developments like the Bitcoin Spot ETF and Ethereum ETF.

What can we expect from Bitcoin price in the coming months, weeks or days?

For now, the Bitcoin price continues to rally around the $60,000 price level, which is a key support for Bitcoin. However, if the price of Bitcoin drops below $58,000, that would signal a strong bearish trend and could mark the end of the current bull trend for Bitcoin and crypto in general. But if the price can continue to maintain the $58,000 to $60,000 range, we might see a significant pump that will propel the price of Bitcoin to $70,000 and above.