The analyst discusses Bitcoin's hourly chart, observing a slow day with no significant strength. The analysis suggests the market may have bottomed around August 2nd in a fourth wave, anticipating a potential move toward new all-time highs. However, the analyst remains unconvinced a bull market top has formed yet. The video indicates a need for a five-wave move down to confirm a bearish trend, followed by a three-wave corrective bounce, with a potential rise of 60-70% which would not take us to previous highs but the analyst need 5 waves down. The analyst mentions needing to see a wave one, a wave two, a wave three, a wave four and a wave five.