{"id":423799,"date":"2020-05-13T20:44:21","date_gmt":"2020-05-13T20:44:21","guid":{"rendered":"https:\/\/ktsl888.com\/?p=423799"},"modified":"2024-06-11T13:48:41","modified_gmt":"2024-06-11T13:48:41","slug":"bitcoin-explodes-above-9300-after-halving-what-do-analysts-expect-next","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-explodes-above-9300-after-halving-what-do-analysts-expect-next\/","title":{"rendered":"Bitcoin Explodes Above $9,300 After Halving: What Do Analysts Expect Next?"},"content":{"rendered":"

Bitcoin has continued to rally higher since our last market update<\/a>, recently retaking $9,300 for the first time since the crash on the morning of May 10th.<\/p>\n

\"Bitcoin\u2019s
Bitcoin\u2019s price action from May 8 to today charted by TradingView.com.<\/figcaption><\/figure>\n

This strong recovery comes after Bitcoin fell as low as $8,100 due to a sell-off prior to the block reward halving, seen in the middle of the chart above.<\/p>\n

Here is what analysts expect for the cryptocurrency market next.<\/p>\n

Bitcoin Poised to See Short-Term Correction<\/strong><\/h2>\n

While many believe that Bitcoin’s long-term outlook remains decisively bullish, fears are mounting of a short-term correction.<\/p>\n

A top trader shared the chart below, indicating that from how he sees it, $9,300 is an optimal short opportunity because the cryptocurrency is running up against resistance.<\/p>\n

\"Bitcoin
Bitcoin price chart from @im_calmly (Twitter handle), a full-time crypto trader.<\/figcaption><\/figure>\n

A move above $9,500 would invalidate the bearish scenario, the analyst noted, but the short playing out will see Bitcoin fall all the way to the key horizontal levels around $7,800 in the coming days.<\/p>\n

Another prominent analyst \u2014 one that has been historically accurate in analyzing Bitcoin \u2014 shared the skepticism. He recently pointed to a fractal<\/a>\u00a0of a previous rally in BTC\u2019s history that is structurally similar to the one we just saw.<\/p>\n

This fractal predicts that the cryptocurrency will fall to $6,400 in the coming weeks, which would be a 0.5 Fibonacci Retracement of the rally from the $3,700 lows. A move to $6,400 would mark another 25% worth of losses from the current price point.<\/p>\n

\"Bitcoin
Chart from \u201cDave the Wave\u201d (@davthewave on Twitter). The chart shows a fractal of a previous parabolic run-up in Bitcoin\u2019s history, much similar to the one we just saw, and predicts a drop towards the $6,000s as aforementioned.<\/figcaption><\/figure>\n

 <\/p>\n

Long-Term Trend Still Bullish<\/strong><\/h2>\n

Although there is a potential for a correction in the near term, the long-term trend remains bullish.<\/p>\n

Michael Novogratz, a former partner at Goldman Sachs, told CNN yesterday<\/a> that he still thinks Bitcoin will hit $20,000 this year, citing the macroeconomic fundamentals.<\/p>\n

\n

Reducing "look stupid" risk & a global "fiscal orgy" could see $BTC<\/a> hit $20K by year-end! Colorful as ever conversation with @novogratz<\/a>\u00a0from Galaxy Digital. pic.twitter.com\/sqdFZxKiNK<\/a><\/p>\n

— Julia Chatterley (@jchatterleyCNN) May 12, 2020<\/a><\/p><\/blockquote>\n