Bitcoin explodes above $ 9,300 after being cut in half: what do analysts expect next?

Bitcoin has continued to climb higher since our last market update, recently recovering $ 9,300 for the first time since the morning collapse of May 10.

The Bitcoin price action from May 8 to today is represented by TradingView.com.

This strong recovery comes after Bitcoin fell to $ 8,100 due to a sale before the block reward reduction, seen in the middle of the chart above.

This is what analysts expect from the next cryptocurrency market.

Bitcoin ready to see short-term correction

While many believe that Bitcoin's long-term outlook remains decidedly optimistic, fears are growing for a short-term correction.

A main trader shared the chart below, stating that, at first glance, $ 9,300 is an optimal short opportunity as the cryptocurrency is facing resistance.

Bitcoin price chart from @im_calmly (Twitter id), a full-time crypto trader.

A move above $ 9,500 would invalidate the bearish scenario, the analyst noted, but the short game will cause Bitcoin to drop to key horizontal levels around $ 7,800 in the coming days.

Another prominent analyst, who has been historically correct in analyzing Bitcoin, shared his skepticism. Recently pointed to a fractal

from a previous rally in the history of BTC which is structurally similar to the one we have just seen.

This fractal predicts that the cryptocurrency will drop to $ 6,400 in the coming weeks, which would represent a 0.5 Fibonacci retracement of the rally from the low of $ 3,700. A move to $ 6,400 would represent another 25% loss from the current price.

"Dave the Wave" graphic (@davthewave on Twitter). The graph shows a fractal of a previous parabolic execution in the history of Bitcoin, very similar to the one we have just seen, and predicts a fall towards $ 6000 as mentioned above.

Long-term trend still bullish

Although there is a possibility of correction in the short term, the long term trend remains bullish.

Michael Novogratz, former partner at Goldman Sachs, he said to CNN yesterday who still thinks Bitcoin will hit $ 20,000 this year, citing macroeconomic fundamentals.

Reduce the risk of "looking stupid" and a global "tax orgy" could see $ BTC