It's almost a guarantee that IF bitcoin does breach $40k that there is going to be a major correction occurring around that level.

The market is bullish and FOMOing hard, but all bull markets transpire this way. There are going to be rallies and adjustments at every step of the way to wash out the weak hands and the overleveraged positions.

In fact, I'd even go as far as saying that it is likely $20k will get tested as support at some stage of this bull market, let alone a pullback at $40k. But I do expect it to hold up given that the fundamentals have strengthened in terms of a) greater institutional adoption and b) the prospect of an ETF approval very soon.