Bitcoin Price Pumps Past $40k, Which Is The Best Crypto To Buy Now?

Yesterday the Bitcoin price closed its first daily candle above $40,000 since April 4th, 2022. In pumping back to a level it last traded at twenty months ago, Bitcoin met with little resistance until reaching a Monday high of $42,400.

Bitcoin is now 175% off its bear market lows following the collapse of FTX exchange, Celsius, Three Arrows Capital and other institutional players – the BTC price crashed as low as $15,400 on November 21st.

After its 2.75x rise, terms like ‘altcoin season‘ and ‘which is the best crypto to buy now‘ are trending as some traders anticipate money flows into other tokens.

Bitcoin Price Fib Levels

Bitcoin is currently at the 0.5 Fibonacci level, having retraced half of the bear market downtrend since its 2021 all-time high of just over $69,000 – also hit in November.

Bitcoin price Fibonacci levels
Bitcoin Fibonacci levels – weekly timeframe

In other words, the Bitcoin price trended to the downside for one year, followed by an uptrend for one year – leading many analysts to expect a period of consolidation, either at the current levels or following a retest of the 0.618 Fib at $48,600.

Crypto Tony, with 365,000 Twitter followers, expects $43,000 to act as a resistance zone, and ‘altcoins to outperform when BTC shows weakness‘.


Which Is The Best Crypto To Buy Now?

December has historically been a muted month for the Bitcoin price – with average returns of 5.27% over the past decade, lower than October and November.

The best-performing crypto assets in recent weeks have been Bitcoin-related assets, meme coins and GambleFi tokens, a trend that looks set to continue into 2024.

Bitcoin price monthly returns, via Coinglass
Bitcoin price monthly returns – Coinglass


Leading BRC-20 token ORDI (ORDI), built on the Ordinals protocol, has pumped over 500% in the past month alongside a 300% rise for PEPE (Ordinals) – $PEPEBRC.


Amid the anticipation of a spot Bitcoin ETF approval – one of the driving factors of the BTC bull run this year – a new crypto asset Bitcoin ETF Token (BTCETF) has raised $2.5 million in its ICO.

Similar project and meme coin / GambleFi hybrid ETF The Token (ETF) rose over 150,000% following its Uniswap listing in September, before a correction.


Aiming to follow in the footsteps of Rollbit (RLB), one of the best performers of the 2022 bear market, TG.Casino (TGC) has raised over $3 million in its token sale.


Meme Kombat (MK) combines meme token themes with wagering and recently hit its presale soft cap.

While Pepe was the best crypto performer of Q1 2023, this quarter has seen Bonk (BONK) take the limelight – dubbed the ‘Dogecoin of the Solana ecosystem’, suggesting an investor pivot to low market cap meme coins.


With JP Morgan signalling an interest in Bitcoin mining, crypto and stocks assets related to mining have also seen high investor demand.

CleanSpark Inc (CLSK) and Bitcoin Minetrix have been making headlines in recent weeks, the latter having raised close to $5 million at ICO this quarter.


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James Spillane

James began investing in cryptocurrency in 2017 and alongside his own trading journey also now aims to help others better navigate the markets as a crypto analyst, writer and editor. Currently James is helping to expand the library of cryptocurrency educational materials here on the site, as well as its tech related content. Prior to joining Techopedia as an administrator James also wrote news coverage of the iGaming industry and online poker guides at Hailing from Bedfordshire in the United Kingdom, James graduated from Imperial College London with a BSc in Physics.