Bitcoin’s recent dip below $58,000 has raised concerns about its long-term uptrend. According to crypto analyst Matthew Hyland, the cryptocurrency must print a higher high on its price chart to confirm that it remains in a bullish trajectory.

“We need to see a bounce and a higher high to solidify our position in this uptrend,” Hyland explained in a video analysis.

$56,000 is a Critical Support Level

Hyland emphasized the importance of Bitcoin holding above $56,000. “If we lose that level, it would signal a lower low and potentially a reversal,” he noted.

Some Traders Anticipate Further Price Drops

While Hyland remains optimistic, other traders believe Bitcoin may need to drop further before resuming its uptrend. Markus Thielen, head of Research at 10x Research, suggested waiting for Bitcoin to fall into the low $40,000s for a potentially better entry point.

Bitcoin Rebounds from Recent Dip

At the time of writing, Bitcoin is trading above $59,000, having recovered from a dip to $57,925 earlier in the day.

September Could Be a Sideways Month

Hyland predicted that Bitcoin might experience sideways movement in September, historically a weak month for the cryptocurrency. However, recent indicators, such as stabilized Bitcoin miner selling pressure and a bullish stablecoin supply ratio, suggest that this year’s September could be different.

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Long-Term Bullish Outlook

Despite potential short-term volatility, some analysts remain bullish on Bitcoin’s long-term prospects. Pseudonymous trader Jelle highlighted a multi-year cup and handle pattern on the Bitcoin price chart, suggesting that the cryptocurrency could still reach six figures by the end of the year.