Bitcoin might not have met the market’s expectations in January, but market experts are convinced that February will be much more promising for the apex cryptocurrency.
Bitcoin’s performance in the previous year was underwhelming, according to some market observers. The asset failed to sustain momentum from 2022 as a long-term bear trend kept Bitcoin stagnant for most of the year.
Bitcoin entered 2023 trading at $16,547 and remained within the $20,000 price level for the first half of the year. As sentiments became even more bullish towards the end of the year, as the market anticipated the approval of a Spot-based Bitcoin ETF, Bitcoin recorded a massive upswing in value and closed the year for $42,265.
Following the recent approval of 11 spot-based Bitcoin ETFs, the market has taken a downturn as GBTC outflows have triggered massive volatility. Although key figures predicted a price pump in Bitcoin’s value, the asset is yet to live up to expectations.
However, one analyst has his eyes peeled for February. Per his observations, Bitcoin has continued to double its gains since September of 2023. The new month could see Bitcoin regain momentum if Bitcoin continues in this direction.
“Looks like Bitcoin continues the pattern we’ve been monitoring since September. 4 months in the green, one in the red. If history keeps repeating, February should be strong.” The analyst wrote.
Similarly, another prominent technical and on-chain analyst, Ali Chart, predicts that Bitcoin could trade within a bearish area for the next two years if it imitates previous bull runs.
“If Bitcoin mirrors past bull runs (2015-2018 & 2018-2022) from their respective market bottoms, projections suggest the next market peak could land around October 2025. This implies BTC still has 600 days of bullish momentum ahead!” He asserted.
Notably, Bitcoin surged past the $42,000 price mark yesterday, while altcoins stayed within the red zone. The S&P 500 also recorded a new all-time high the day before, and as Santiment noted, the bullish argument for crypto is that Bitcoin and other leading assets might “regress to the mean’ and play catch-up with the equities market.”
At report time, Bitcoin is trading at a press time price of $41,781. Trading volume is currently down by more than 34% as selling pressure increases.