An analyst’s statements about cryptocurrency caught attention. Commenting on Bitcoin‘s next move regarding its upward trend, the analyst mentioned that after recently falling below $58,000, the price needs to move away from these levels and then maintain stability at higher levels to reach new highs.
BTC’s Future
Crypto analyst Matthew Hyland shared the following in a video published on August 30:
To further confirm that we are in the upward trend since August, we really need to start moving out of this situation and make a higher peak. Bitcoin needs to stay above this 57,700 level, but if it breaks down, it will ultimately need to hold this 56,000 dollar level. If we lose this 56,000 dollar level, it will be a lower low.
However, some investors believe that Bitcoin needs to reach lower levels before continuing its upward trend.
10x Research Head of Research Markus Thielen also shared his view on the matter. Thielen recently suggested to market participants to wait for Bitcoin price to fall below $40,000 to enter the bull market. According to information provided by CoinMarketCap, Bitcoin rebounded from $57,925 in the last 24 hours and is trading at $59,218.
Hyland noted that since the beginning of the month, Bitcoin has formed both high peaks and deep lows, indicating that the price has fluctuated within a large range.
According to Hyland, Bitcoin may continue its decline for a while before the United States presidential elections on November 4. On the other hand, Hyland points out that September generally brings a sideways trend and historically has been the worst-performing month for Bitcoin.
Analyst’s BTC Comment
Another well-known market analyst, Jelle, stated on X that when examining Bitcoin’s price chart covering multiple years, it shows that Bitcoin might be moving towards reaching a six-figure price in the near term.
Jelle said the following in his August 30 post:
This multi-year cup and handle formation has a six-figure target. Many have given up at this point, but I am quite confident that we will be much closer to this target by the end of the year.
