Analysts at 10x Research predicted a BTC correction to $50,000

However, according to Marcus Thielen, founder of analyst firm 10x Research, while the rise may last for a while and bitcoin may return to $60,000, the rally will be short-lived.

10x Research expects bitcoin to approach $60,000 before falling back to $50,000. Vetle Lunde, senior analyst at K33 Research, also notes, citing historical data, that bitcoin always shows the lowest returns in Q3.

Lunde noted that in this cycle, the historically weak quarter coincided with the sale of confiscated bitcoins by the government of Saxony, part of Germany, and the distribution of bitcoins and Bitcoin Cash (BCH) to customers of Mt.Gox, the crypto exchange that went bankrupt a decade ago.

K33 Research estimates that the market will have to absorb between 75,000 and 118,000 BTC sold by Mt.Gox authorities and customers over the summer, worth between $4.3 billion and $6.8 billion at current prices.

"We expect these flows to negatively impact returns in the coming months, with volatile market conditions persisting through October," Lunde said.