According to Cointelegraph, Bitcoin's next move must print a bullish 'higher high' on the price chart to keep its uptrend intact after recently dropping below $58,000, as per crypto analyst Matthew Hyland.

Hyland emphasized the importance of Bitcoin bouncing back and making a higher high to confirm the ongoing uptrend since August. He noted that Bitcoin must stay above the $57.7K level and, if it breaks down, it must hold the $56K level to avoid a lower low.

However, some traders believe Bitcoin needs to drop further before resuming its uptrend. Markus Thielen, head of Research at 10x Research, suggested waiting for Bitcoin's price to fall into the low $40,000s for an ideal entry into the bull market.

At the time of publication, Bitcoin is trading at $59,218, recovering from a dip to $57,925 in the past 24 hours, according to CoinMarketCap data. Bitcoin is down 7.69% over the past seven days.

Hyland reiterated that since August, Bitcoin has seen higher lows and higher highs, despite major pullbacks at the beginning of both July and August. He believes Bitcoin will experience some volatility ahead of the United States presidential election on November 4 and expects mostly sideways action in September, historically the worst-performing month for Bitcoin.

Cointelegraph noted that Bitcoin's price action in September might not follow previous years' trends, as Bitcoin miner selling pressure has stabilized and the stablecoin supply ratio shows bullish signs.

Meanwhile, pseudonymous crypto trader Jelle shared with their 91,000 X followers that a multi-year view of the Bitcoin price chart suggests Bitcoin could still reach the six-figure mark in the near term. Jelle illustrated a pattern between May 2020 and August 2024, indicating a six-figure target. Jelle expressed confidence that Bitcoin would be closer to this target by the end of the year.