Bitcoin Price Analysis Going Forward For September 2015

Bitcoin price has been range bound and though we do not expect a breakout above $300 until 2016 we think now is a good time to buy. Take a look at this chart of bitcoin price from the beginning. MtGox data has been merged with Bitstamp:

Bitcoin Price Analysis

Although history does not have to repeat, looking at bitcoin price using a log scale chart helps to maintain perspective. On the Bitstamp weekly chart bitcoin price is also holding just above the 200 day moving average which is positive:

Bitcoin Moving Average

Some Elliott Wave analysts like masterluc believe bitcoin price completed historical Wave II with the 13 January 2015 low of $152.4. Bitcoin price is now in a running Wave III with new highs expected sometime in 2016 to 2018:

Bitcoin Elliott Wave Prediction

The chart shows how a historical Wave III could unfold but the time frame is optimistic.

Conclusions

Our bitcoin price analysis is an expectation that price will trade between $200 to $300 until the Bitcoin XT debate is settled later this year. Even though bitcoin miners (who make the decision) are rejecting Bitcoin XT markets hate uncertainty.

Taking a look at the long term logarithmic price chart we could reasonably expect a new all time high in the next one to two years. Bitcoin price action can offer surprises but there are good arguments that the January 2015 low was the turning point and a new bull market phase has already begun.