Bitcoin Price Must Maintain $56,000 for Rise

Crypto analyst Matthew Hyland stated that Bitcoin’s next move should be to create an upward “higher peak” on the price chart to continue its uptrend after falling below $58,000, and explained this in an analysis video published on August 30.

Hyland emphasized that Bitcoin needs to stay above $57,700 to continue its uptrend, but if there is a drop below this level, it is very important to maintain $56,000. “If we lose $56,000, that would be a lower bottom,” Hyland said.

However, some investors think that Bitcoin needs to fall much lower before continuing its uptrend. Markus Thielen, Head of Research at 10x Research, suggested that investors wait for Bitcoin’s price to fall “to the lower $40,000s.”

At press time, Bitcoin was trading at $59,218, according to CoinMarketCap, after falling to $57,925 in the past 24 hours. Hyland noted that Bitcoin has seen “higher lows and higher highs” since early August, but that there were “major pullbacks” in both July and early August.

Hyland believes that Bitcoin will continue to fluctuate ahead of the US presidential election on November 4. He also noted that September is typically the worst-performing month for Bitcoin, and that he expects “mostly sideways movement” throughout the month.

However, Cointelegraph noted that Bitcoin’s price action in September may not reflect the “boring” trends of previous years, as selling pressure from Bitcoin miners has stabilized and the stablecoin supply rate is showing signs of rising.