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

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. Here is what analysts expect for the cryptocurrency market next.

Bitcoin Poised to See Short-Term Correction

While many believe that Bitcoin’s long-term outlook remains decisively bullish, fears are mounting of a short-term correction. 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.

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. Another prominent analyst — one that has been historically accurate in analyzing Bitcoin — shared the skepticism. He recently  of a previous rally in BTC’s history that is structurally similar to the one we just saw. 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.

 

Long-Term Trend Still Bullish

Although there is a potential for a correction in the near term, the long-term trend remains bullish. Michael Novogratz, a former partner at Goldman Sachs, that he still thinks Bitcoin will hit $20,000 this year, citing the macroeconomic fundamentals. See more

Reducing "look stupid" risk & a global "fiscal orgy" could see hit $20K by year-end! Colorful as ever conversation with  from Galaxy Digital. — Julia Chatterley (@jchatterleyCNN)

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