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Hyland reiterated that since the beginning of August, Bitcoin has “seen higher lows and higher highs, higher lows, higher highs, noting that the beginning of both July and August saw “major pullbacks.”

Overall, Hyland believes that Bitcoin will continue to “see some chop” ahead of the United States presidential election on November 4.

He also sees September having “mostly sideways action, which is historically the worst performing month for Bitcoin.”

However, Cointelegraph recently noted that Bitcoin's price action in September might not mirror the "boring" trends of previous years, as Bitcoin miner selling pressure has stabilized and the stablecoin supply ratio is showing bullish signs.