The statements made by a cryptocurrency analyst attracted attention. Commenting on the next move regarding the upward movement in Bitcoin, the analyst stated that after falling below $ 58,000 recently, in order for the price to rise to new highs, it must first move away from these levels and then maintain its permanence at the levels it has risen.
The Future of BTC
Crypto analyst Matthew Hyland In a video published by on August 30, the following words were included: A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
We really need to start breaking out of this and make a higher high to further confirm that we are in the uptrend we have been in since August. Bitcoin needs to stay above this $57,700 level, but if it breaks down, it really, ultimately needs to hold this $56,000 level, if we lose this $56,000 level that would be a lower low.
However, some investors say that Bitcoin needs to reach lower levels before it can continue its upward trend.
Head of Research at 10x Research Markus Thielen He also expressed his opinion on the subject. Thielen recently advised market participants to wait for the Bitcoin price to fall below $40,000 to enter the bull market. According to information provided by CoinMarketCap, Bitcoin has bounced back from its low of $57,925 in the last 24 hours and is trading at $59,218.
Hyland stated that since the beginning of the bear season, Bitcoin has been making both high highs and deep lows, revealing that the price has fluctuated within a wide range.
According to Hyland, Bitcoin may continue its decline for a while ahead of the United States presidential election on November 4. On the other hand, Hylan reveals that September “will generally bring a sideways trend, even in retrospect, and this month is historically the worst performing month for Bitcoin.”
Analyst’s BTC Comment
On the other hand, Jelle, one of the well-known analysts of the market, said in his statements on X Bitcoin A multi-year look at the price chart suggests that Bitcoin could be on track to reach six-figure prices in the near term.
With gel In his post dated August 30, he said the following:
This multi-year cup and cup formation has a 6-figure goal. Many have given up on it at this point, but I am very confident that we will be much closer to that goal by the end of the year.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
