$40K is still an untested level and at such we can't really know what would happen at that price level. But if there's one thing I know for sure is that, there would be plenty short and sell orders waiting at that milestone price. The current bull run has seen the marketcap grow from around $143 Billion (March 2020) to $958 Billion which is the value of crypto market valuation at the time of writing this post. Using simple maths, we can see that the marketcap has grown by over 6 times while nearing $1Trillion in value.

Something we should all keep in mind is that, at some point; the market will have some corrections. There are people in so much profit for buying/longing - we should think about what's going to happen when the decide to take profits.