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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
08/30/2024

Bitcoin Needs a "Higher High" to Confirm Uptrend After Dropping Below $58K

To sustain its long-term uptrend, Bitcoin must avoid falling below $56,000, according to one crypto analyst. Bitcoin's next move needs to print a higher high on the chart to keep its uptrend intact after dropping below $58,000, according to a crypto analyst. "We really need to start recovering and put in a higher high to confirm that we're still in the uptrend we've had since August," analyst Matthew Hyland ex

Bitcoin Needs a "Higher High" to Confirm Uptrend After Dropping Below $58K

To sustain its long-term uptrend, Bitcoin must avoid falling below $56,000, according to one crypto analyst.

Bitcoin's next move needs to print a higher high on the chart to keep its uptrend intact after dropping below $58,000, according to a crypto analyst.

"We really need to start recovering and put in a higher high to confirm that we're still in the uptrend we've had since August," analyst Matthew Hyland explained in an analysis video on August 30.

Bitcoin must hold above $56,000 to maintain its uptrend

"Bitcoin needs to hold above $57,700 — however, if it breaks below that level, it really needs to hold $56,000. If we lose $56,000, that would be a lower low," Hyland added.

That said, some traders believe Bitcoin needs to pull back further before resuming its uptrend.

On August 7, Markus Thielen, head of research at 10x Research, suggested investors wait for Bitcoin's price to "drop into the low $40,000s" to find the best entry point into the bull market.

At press time, Bitcoin was trading at $59,218, recovering from a drop to $57,925 within the same 24-hour period, according to CoinMarketCap data.

Bitcoin has fallen 7.69% over the past seven days. Source: CoinMarketCap

Hyland noted that since early August, Bitcoin has seen "lower lows and higher highs, lower lows, higher highs," pointing out that both early July and August saw "sharp corrections."

Overall, Hyland believes Bitcoin will continue to "see some volatility" ahead of the U.S. presidential election on November 5.

He also predicted that September will largely see "sideways price action, which is typically Bitcoin's worst-performing month."

However, Cointelegraph recently reported that Bitcoin's September price action may not mirror the "boring" trends of prior years, as selling pressure from Bitcoin miners has stabilized and stablecoin supply ratios are showing positive signals.

Related: Bitcoin Price Keeps Sliding Below $60K — Here's Why

Meanwhile, pseudonymous crypto trader Jelle shared with his 91,000 followers on X that a multi-year view of Bitcoin's price chart suggests BTC may still be on track to hit six figures in the near term — a target many traders have speculated about.

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

"This multi-year cup & handle pattern has a six-figure target," Jelle wrote in an X post on August 30.

"A lot of people have given up on it now, but I'm pretty confident we'll be close to that target by year-end," Jelle added.