Bitcoin analysis; Is there any hope to continue the upward trend?
As Bitcoin enters September, analysts have shared their expectations for price action. One of these analysts believes that Bitcoin should not fall below the level of $56,000 to maintain its upward trend.
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Summary of analysis
- Matthew Hyland believes that Bitcoin should not fall below the level of $56,000 to continue its price growth.
- This is while some analysts believe that the price of Bitcoin must fall to much lower levels before continuing its upward trend.
According to Cointelegraph, Matthew Hyland, one of the crypto market analysts, believes that the price of Bitcoin
BTC:
In order not to lose its upward momentum, it should register a higher ceiling in its price chart. This analyst said in his new video:
In order to make sure that we are still in the upward trend that started in August, we need to move up from the current level and register a higher ceiling.
What is the condition for maintaining the upward trend in the price of Bitcoin?
Matthew Hyland continued his analysis and added:
Bitcoin should remain above the $57,700 level; However, if this level is also lost, it should eventually maintain the $56,000 level. If the $56,000 level is missed, a lower floor will be recorded on the price chart.
This is while some analysts believe that the price of Bitcoin must fall to much lower levels before continuing its upward trend.
Markus Thielen, head of the research department of 10x Research, suggested digital currency market participants to wait until the price of Bitcoin falls to the $40,000 floor and then enter the market.
Matthew Hyland pointed out that the price of Bitcoin has consistently recorded higher floors and higher ceilings since the beginning of August, and has witnessed large corrections in the beginning of July and August.
However, Hyland believes that Bitcoin will see further pullbacks ahead of the US presidential election.
He also expects Bitcoin to experience limited volatility in September. Historically, September is the worst monthly performance for Bitcoin.
As the selling pressure of Bitcoin by miners has stabilized and the supply rate of stablecoins are also providing bullish signals, the behavior of the Bitcoin price in September of this year may not repeat the boring trend of previous years.
Another analyst, who goes by the pseudonym Jelle, shared an image of Bitcoin's chart from the past few years, stating that Bitcoin's price could still reach its 6-figure target. He wrote in a post on August 30 (September 9):
The goal of this multi-year hand and cup pattern is a 6-digit number. Many are disappointed with this goal today, but I'm pretty sure we'll be much closer to it by the end of the year.
Analytical content published in Eviralnews is for educational and informational purposes only and is not an investment recommendation or a buy or sell signal. Investing in the digital currency market is associated with a high risk, and the user is obliged to conduct his own study and analysis in relation to the desired asset before any investment.
