Bitcoin must print a bullish “higher high” on its price chart to maintain its current uptrend, according to crypto analyst Matthew Hyland. This assertion comes after Bitcoin’s recent dip below the $58,000 mark, raising concerns about the sustainability of its upward trajectory.
In a video analysis on August 30, Hyland emphasized the importance of Bitcoin rebounding from its current position to confirm its continued uptrend, which began in August. “We really need to start to bounce out of this and make a higher high to further confirm that we are in this uptrend,” Hyland stated.
1/4 #Bitcoin needs a ‘higher high’ to confirm uptrend after dipping below $58K, says analyst Matthew Hyland. Key support at $57.7K, with $56K critical to maintain uptrend. $BTC currently at $59,218 after bouncing from $57,925. #crypto pic.twitter.com/QfJStB9KH8
— $TBO OFFICIAL (@ton_tbo_) August 31, 2024
To maintain this upward momentum, Bitcoin must stay above the $57,700 level. Hyland warns that if Bitcoin falls below $56,000, it could signify a “lower low,” which would challenge the current uptrend. “Bitcoin needs to remain above this $57.7K level,” he noted, adding that a drop below $56K would break the trend.
However, opinions vary among traders. Markus Thielen, head of Research at 10x Research, recently suggested that Bitcoin might need to drop further, potentially into the low $40,000s, before a strong bull market resumes.
As of now, Bitcoin is trading around $59,218, recovering from a recent low of $57,925, according to CoinMarketCap. Despite a 7.69% decline over the past week, Hyland maintains a cautiously optimistic outlook, acknowledging that Bitcoin has experienced “higher lows and higher highs” since August. He anticipates “some chop” in the market leading up to the U.S. presidential election on November 5 and expects mostly sideways trading in September, a month historically marked by poor performance for Bitcoin.
Despite these cautious predictions, recent analyses suggest that Bitcoin’s September price action might differ from past trends. Stabilized selling pressure from Bitcoin miners and bullish signals from the stablecoin supply ratio could indicate a more dynamic market than previously thought.
Bitcoin needs to hit a higher high above $58K to confirm its uptrend, says a crypto analyst.
Key support level: $56K. 📈 #Bitcoin #CryptoUpdate pic.twitter.com/4Hq7B2Y0NK
— Hopp Digital Media (@hopp_digital) August 31, 2024
Meanwhile, pseudonymous crypto trader Jelle remains bullish on Bitcoin’s long-term potential. Jelle, who has 91,000 followers, points to a multi-year “cup and handle” pattern on Bitcoin’s chart, suggesting that Bitcoin could still be on track to reach six figures. “This multi-year cup & handle pattern has a 6-figure target,” Jelle wrote, expressing confidence that Bitcoin could approach this target by the end of the year, despite some traders losing faith.
Key Points:
i. Bitcoin needs to reach a “higher high” to confirm its uptrend, according to analyst Matthew Hyland.
ii. levels to watch: Bitcoin must stay above $57,700 and avoid dropping below $56,000.
iii. Opinions vary on Bitcoin’s trajectory; some analysts predict a potential drop to the low $40,000s before resuming an uptrend.
iv. Current trading activity suggests some market volatility leading up to the U.S. presidential election.
v. Long-term charts hint at the possibility of Bitcoin reaching six figures, despite recent market uncertainty.
Charles William III – Reprinted with permission of Whatfinger News
