Wednesday, 13 May 2020

Bitcoin Explodes Above $9,300 After Halving: What Do Analysts Expect Next?

By Nick Chong

 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.

Daily Chart of BTC/USD

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.

Read the Whole Story on NewsBtc 

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