Bitcoin must reach a "higher high" to confirm the uptrend

A cryptocurrency analyst said that if Bitcoin is to maintain its long-term uptrend, it must avoid falling below $56,000.

A cryptocurrency analyst said Bitcoin’s next move would require a bullish “higher high” on the price chart to keep its uptrend intact after its recent break below $58,000.

"We really need to start getting out of this and hitting higher highs to further confirm that we are in the uptrend that we have been on since August," cryptocurrency analyst Matthew Hyland explained in an Aug. 30 analysis video.

Bitcoin must not fall below $56,000 to maintain the upward trend

“Bitcoin needs to stay above the $57,700 level, but if it is going to fall, it does need to stay at the $56,000 level, and if we are going to lose that $56,000 level, that would be a lower low,” Hayland added.

However, some traders believe Bitcoin

Bitcoin

$58,965

A sharp lower is required before the uptrend is resumed.

On August 7, Markus Thielen, head of research at 10x Research, advised market participants to wait for the Bitcoin price to “fall to the low of $40,000” in order to choose the best time to enter a bull market.

According to CoinMarketCap, Bitcoin was trading at $59,218 at press time, rebounding from the decline to $57,925 in 24 hours.

Bitcoin has fallen 7.69% in the past 7 days. Source: CoinMarketCap

Hyland reiterated that since early August, Bitcoin has “had a higher low and higher highs, higher lows, higher highs, and noted that there were “significant pullbacks” in both early July and early August.

Overall, Hyland believes that Bitcoin will continue to “some volatility” ahead of the November 5 U.S. presidential election.

He also believes that September is “mainly a horizontal trend, the worst- performing month in Bitcoin’s history.”

However, recent reports said that the September price movement may not reflect the “dull” trend in previous years, as selling pressures from Bitcoin miners have stabilized and the stablecoin supply ratio also shows bullish signs.

Meanwhile, anonymous cryptocurrency trader Jelle shared with their 91,000 X fans that years-long zoomed-out view of the Bitcoin price chart suggests that Bitcoin may still hit the six-digit mark in the near term, a speculation that many traders have always targeted.

Jelle illustrates the pattern between May 2020 and August 2024. Source: Jelle

“This multi-year cup handle pattern aims to be six-digit numbers,” Jelle wrote in an Aug. 30 post.

“At present, many people have given up, but I’m pretty sure we’ll be closer to that goal by the end of this year,” Yeller added.