Crypto Analyst Says February Will Be A Bullish Month For Bitcoin, Here’s Why
Crypto analyst and long-term crypto investor Jelle has highlighted an attention-grabbing historic sample that implies that February may very well be bullish for Bitcoin. This might little question be a aid for BTC investors who must take care of a bearish January for the flagship crypto token.
Why February Might Be Bullish For Bitcoin
Jelle said in an X (previously Twitter) post that “February needs to be sturdy” for Bitcoin “if history retains repeating itself.” The historical past which he alludes to is the sample the place February seems to be a green month for Bitcoin after it has seen a bearish January and had closed within the inexperienced for the final 4 months of the earlier yr.
Data from Coinglass exhibits that the one different instances (2015 and 2016) BTC closed the final 4 months of the yr within the inexperienced, it went on to file a bearish January and a bullish February after that. Final yr, Bitcoin closed September, October, November, and December within the inexperienced, thanks largely to the frenzy across the Spot Bitcoin ETFs.
Supply: X
Bearing the historic sample in thoughts, Jelle expects that February will as soon as once more be a inexperienced month for Bitcoin. Apparently, Bitcoin’s good points in February 2016 and 2017 had been vital, recording 20% and 23%. As such, there isn’t solely the potential of this February being inexperienced for Bitcoin but additionally coming with big good points for the crypto token.
The Bull Market Stays On
In a more moderen X post, Jelle highlighted how Bitcoin was again above the $42,000 degree and hinted that there may very well be extra transfer to the upside as he said that the “bull market stays on.” The crypto analyst is thought to be a good dealer, as he had beforehand talked about how his methods helped him catch the BTC backside and promote the highest.
From his X post, one may see that Jelle was predicting that the following vital upward motion from Bitcoin may see it rise to as excessive as $53,000. Apparently, from the accompanying chart, there was a probability of this taking place someday in February. Such a transfer will as soon as once more set up that historic sample which Jelle had earlier highlighted.
Whatever happens in February, Bitcoin traders can nonetheless take consolation in the truth that Bitcoin nonetheless has over 500 days of bullish momentum, in line with crypto analyst Ali Martinez. Bitcoin whales have up to now remained steadfast, with a rise in these holding 1,000 BTC or extra regardless of the flagship crypto token’s current value decline.
On the time of writing, BTC is buying and selling simply above $42,000, down over 1% within the final 24 hours, in line with data from CoinMarketCap.
Featured picture from The Monetary Fee, chart from Tradingview.com
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