Bitcoin prices are being pulled up and may end the long-term bear market

Bitcoin price has reached its fifth wave, setting a higher high today - finally breaking out of a ten-day sideways consolidation. In last month's analysis, the future market outlook was discussed, and the expectations remain unchanged.

Bitcoin Price Analysis

Bitstamp 1-day chart (22:43, September 5, Beijing time)

The price has continued to move higher and has reclaimed a new high at the time of writing. The prospect discussed in early August that a b-wave would form before the last leg of the decline has now come into focus. In the past few hours, the price has climbed above the green 20-period moving average on the daily chart, with buy signals appearing on most of the moving averages below the daily timeframe, which would also mean that the price will continue to rise to the level of the daily 200-period moving average (red).

From there, we will assess the next move. A five-wave move from this week’s low to there would infer a three-wave correction to around $250 (Bitstamp), from where a five-wave decline was expected to take prices to a final low.

Although the daily chart above does not show enough details to suggest that there should be one more sideways correction - staying above the daily 20-period moving average (green) - before the final fast-paced wave to $250.

If the price continues to advance above $250 (Bitstamp), we will change our view and target $300.

The Bitfinex depth chart below shows that sellers have resistance at around $250.