Bitcoin Bear Market Over, Analyst Predicts Pullback Before New Rally
Technical analyst Eric Crown believes the Bitcoin bear market is over, citing several indicators that suggest the cryptocurrency's price will continue to rise in the coming months.
Crown's final confirmation signal was triggered when Bitcoin closed August at $78,581, surpassing his threshold of $65,708. He notes that September is often considered a 'nothing month' for Bitcoin, with minimal price movement expected.
However, Crown predicts an early pullback in September before the price stabilizes and begins to rise again in October. He expects the first pullback to reconnect Bitcoin's weekly five-period exponential moving average (5 EMA) at $73,294, which is currently 5% below spot.
Crown plans to buy into this dip, adding to his long-term positions rather than trading around it. He notes that Bitcoin has formed a lower high in August, but believes the asset now behaves differently and trades like an exchange traded fund (ETF), consolidating in wide boxes before stepping higher.