Bitcoin (BTC) price was testing support at $10,500 on Sept. 4 after its latest move upwards began to stabilize.

Market visualization. Source: Coin360

Bitcoin primed for fresh bull market

Data from Coin360 showed BTC/USD coming off local highs around $10,750 to float around $10,520 on Wednesday, still up almost 10% versus the start of the week.

Markets reacted warmly to the new gains, which reversed previous bearish sentiment that a further towards $8,000 was imminent.

Bitcoin 7-day price chart. Source: Coin360

Now, in the face of continued technical strength, analysts suggested the climate was right for further major gains.

PlanB, the Twitter account well-known for its analysis of Bitcoin’s stock-to-flow ratio, concluded current conditions translated into the beginning of a fresh bull market.

“#bitcoin: clear for take off,” he summarized on Twitter uploading a chart of Bitcoin’s 200-week moving average.

That particular metric is significant for PlanB, as lows consistently coincided with the beginning of Bitcoin price ascents to new highs.

Considering the related 20-week moving average meanwhile, popular trader, Filb Filb, arrived at a similar conclusion.

“The 20 WMA (also the middle of the weekly Bollinger Bands) has proven to be important in Bitcoin’s cycles; supporting price in a bull market and suppressing price in a bear market,” he explained in his latest newsletter. Filb added:

“My overall market assumption is that we are in the early phase of the next Bitcoin cycle.”

Altcoins miss chance to embrace gains

On altcoin markets, Bitcoin’s progress sparked only a faint hint of upward momentum before familiar sideways trading continued.

On Wednesday, most tokens in the top twenty cryptocurrencies by market cap were completely flat, moving less than 1% up or down.

Ether (ETH), the largest altcoin, fell by a negligible 0.35% to remain at $177. Others, such as Bitcoin Cash (BCH), Litecoin (LTC) and NEO (NEO), delivered modest gains.

Ether 7-day price chart. Source: Coin360

The overall crypto market cap stood at $267 billion as of press time, with Bitcoin’s share at 70.5%, a more than two-year high.