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With Bitcoin dipping below $58K, experts stress the importance of achieving a ‘higher high’ in September to confirm the bullish trend.
A crypto analyst has predicted that Bitcoin would need to make a bullish "higher high" on the price chart in order to maintain its uptrend following its recent decline below $58,000, Cointelegraph reports.
The upswing that has been going on since August needs to be confirmed, crypto expert Matthew Hyland said in an analysis video he made on August 30, by making a higher high.
$57.7K Level Critical for Bitcoin
"Bitcoin needs to remain above this $57.7K level, however, if it were to break down, it really, ultimately would need to hold this $56K level, if we were to lose this $56K level that would be a lower low," Hyland continued.
But there are those who think Bitcoin has to fall a lot further before it can start to rise again.
$40K Entry Point for Bulls
Market participants should wait for Bitcoin's price to "fall into the low $40,000s" before entering the bull market, according to 10x Research CEO Markus Thielen, who made this suggestion on Aug. 7.
According to CoinMarketCap data, Bitcoin has recovered from a slump to $57,925 over the same 24 hours and is trading at $59,218 at the time of publication.
Noting that there were "major pullbacks" at the start of July and August, Hyland restated that Bitcoin has "seen higher lows and higher highs, higher lows, higher highs" since the start of August.
Hyland predicts that Bitcoin will "see some chop" in the days leading up to the November 5 US presidential election.
September May See Limited Movement
Additionally, he predicts that Bitcoin will have "mostly sideways action" in September, the lowest performing month in its history.
The selling pressure from Bitcoin miners has leveled off, and the stablecoin supply ratio is exhibiting bullish signals, thus the price behavior of Bitcoin in September might not follow the "boring" patterns of past years, according to a new analysis by Cointelegraph.
At the same time, crypto trader Jelle, who goes by the pseudonym "Jelle," informed their 91,000 X followers that, according to a zoomed-out, multi-year perspective of the Bitcoin price chart, Bitcoin might still be headed towards the six-figure level in the near future, a target that many traders have been anticipating.
Six-Figure Target Still in Sight
"This multi-year cup & handle pattern has a 6-figure target," Jelle stated in a post on Aug. 30 (X).
"Many at this point have given up on it, but I’m pretty sure we'll be a lot closer to that target by the end of the year," Jelle remarked.
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