{"id":51550,"date":"2024-09-01T01:18:00","date_gmt":"2024-09-01T01:18:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-price-chart-analyst-higher-high-58k-btc"},"modified":"2024-09-01T05:21:38","modified_gmt":"2024-09-01T05:21:38","slug":"bitcoin-must-reach-a-higher-high-to-confirm-uptrend-after-dip-below-58k","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51550","title":{"rendered":"Bitcoin must reach a \u2018higher high\u2019 to confirm uptrend after dip below $58K"},"content":{"rendered":"

Bitcoin\u2019s next move needs to print a bullish \u201chigher high\u201d (over $60K and $62K next) on the price chart to keep its uptrend intact after recently dropping below $58,000, according to a crypto analyst.<\/p>\n

\u201cWe really need to start to bounce out of this and make a higher high to further confirm that we are in this uptrend that we\u2019ve been in since August,\u201d crypto analyst Matthew Hyland explained in an analysis video on Aug. 30.<\/p>\n

Bitcoin must not fall below $56,000 to maintain uptrend<\/h3>\n

\u201cBitcoin 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,\u201d Hyland added.<\/p>\n

However, some traders believe Bitcoin (BTC) needs to go much lower before resuming its uptrend.<\/p>\n

On Aug. 7, Markus Thielen, head of Research at 10x Research, suggested market participants wait for Bitcoin\u2019s price to \u201cfall into the low $40,000s\u201d to ideally time their entry into the bull market.<\/p>\n

At the time of publication, Bitcoin is trading at $59,218, bouncing back from a dip to $57,925 within the same 24 hours, according to CoinMarketCap data.<\/p>\n

\"\"
Bitcoin is down 7.69% over the past seven days. Source: CoinMarketCap<\/em><\/p>\n<\/figcaption><\/figure>\n

Hyland reiterated that since the beginning of August, Bitcoin has \u201cseen higher lows and higher highs, higher lows, higher highs, noting that the beginning of both July and August saw \u201cmajor pullbacks.\u201d<\/p>\n

Overall, Hyland believes that Bitcoin will continue to \u201csee some chop\u201d ahead of the United States presidential election on Nov. 5.<\/p>\n

He also sees September having \u201cmostly sideways action, which is historically the worst performing month for Bitcoin.\u201d<\/p>\n

However, Cointelegraph recently reported that Bitcoin price action in September might not mirror the \u201cboring\u201d trends of previous years, as Bitcoin miner selling pressure has stabilized and the stablecoin supply ratio is showing bullish signs.<\/p>\n

Related: <\/strong><\/em>Bitcoin price keeps falling under $60K \u2014 Here is why<\/strong><\/em><\/p>\n

Meanwhile, pseudonymous crypto trader Jelle shared with their 91,000 X followers that a zoomed-out, multiyear view of the Bitcoin price chart suggests Bitcoin could still be on course to reach the six-figure mark in the near term, a target many traders have been speculating about.<\/p>\n

\"\"
Jelle illustrates the pattern between May 2020 and August 2024. Source: Jelle<\/em><\/p>\n<\/figcaption><\/figure>\n

\u201cThis multi-year cup & handle pattern has a 6-figure target,\u201d Jelle wrote in an Aug. 30 X post.<\/p>\n

\u201cMany at this point have given up on it, but I\u2019m pretty sure we’ll be a lot closer to that target by the end of the year,\u201d Jelle added.<\/p>\n

Magazine: <\/strong><\/em>Bitcoin miners steamrolled after electricity thefts, exchange \u2018closure\u2019 scam: Asia Express<\/strong><\/em><\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s next move needs to print a bullish \u201chigher high\u201d (over $60K and $62K next) on the price chart to keep its uptrend intact after recently dropping below $58,000, according to a crypto analyst. \u201cWe … Bitcoin must reach a \u2018higher high\u2019 to confirm uptrend after dip below $58K<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51367,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin must reach a \u2018higher high\u2019 to confirm uptrend after dip below $58K - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51550\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin must reach a \u2018higher high\u2019 to confirm uptrend after dip below $58K - 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