Despite failing to meet high expectations in January, Bitcoin">Bitcoin could be gearing up for a much more promising month in February according to market experts.
Bitcoin entered 2023 on a positive note, trading at $16,547 on January 1st. However, it struggled to gain momentum throughout most of the month, remaining rangebound between $16,000 to $21,000 as part of a long-term bear market.
Some analysts have pointed to the recent approval of spot-based Bitcoin ETFs in the U.S. and the resulting volatility around the Grayscale Bitcoin Trust (GBTC) as reasons for Bitcoin’s lackluster January performance.
Nonetheless, one analyst noted Bitcoin has continued a pattern that emerged last September of four months of gains followed by one month of declines. If this trend repeats, February is shaping up to be a strong month.
“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 on Twitter.
Another market observer predicted Bitcoin could remain rangebound for another two years until October 2025 based on similarities with past price cycles. However, this would still imply another 600 days of overall bullish momentum ahead.
Offering credence to upbeat February predictions, Bitcoin briefly surpassed $42,000 on January 30th while altcoins lagged behind. Some experts pointed to the recent all-time high in the S&P 500 stock index as a bullish sign for crypto playing catch-up.
At press time, Bitcoin changed hands around $41,700, down 34% in 24-hour trading volume as selling pressure picked up. But historical patterns suggest next month could see a revival of buying momentum.
