Crypto analyst and long-term investor, Jelle, has recently highlighted an interesting historical pattern that suggests February could be a bullish month for Bitcoin. This prediction comes as a potential relief for BTC investors who have experienced a bearish January for the flagship cryptocurrency. Jelle believes that if history repeats itself, Bitcoin is likely to see positive price movement in the coming month.
Jelle points to a historical pattern where February has proven to be a green month for Bitcoin after experiencing a bearish January. Additionally, in the previous four months leading up to this pattern, Bitcoin had closed in the green. Looking at data from Coinglass, it is seen that in both 2015 and 2016, BTC had closed the last four months of the year in the green, followed by a bearish January and a bullish February.
Drawing from this historical pattern, Jelle predicts that February will once again be a green month for Bitcoin. Notably, February of 2016 and 2017 saw significant gains of 20% and 23% respectively. This suggests that if the pattern continues, it is not only likely that Bitcoin will have a positive month, but also that substantial gains could be expected. In a recent post, Jelle mentioned that Bitcoin had surpassed the $42,000 mark and suggested that further upward movement could be anticipated as the “bull market stays on.”
According to Jelle’s analysis, the next significant upward movement for Bitcoin could potentially push its price as high as $53,000. His predictions align with a chart that indicates a likely breakout sometime in February. Should this occur, it would reinforce the historical pattern previously highlighted by Jelle.
Despite short-term fluctuations, Bitcoin investors can find solace in the fact that the cryptocurrency still has over 500 days of bullish momentum, as stated by crypto analyst Ali Martinez. This assertion is further supported by the resilience of Bitcoin whales who have continued to hold onto their positions, demonstrated by the increase in the number of addresses holding 1,000 BTC or more, despite recent price declines.
At the time of writing, Bitcoin is trading slightly above $42,000, experiencing a 1% decrease in the past 24 hours, based on data from CoinMarketCap. It is essential to note that cryptocurrency markets are highly volatile, and investors should exercise caution.
Although past performance does not guarantee future results, the historical pattern identified by Jelle suggests that February could be a bullish month for Bitcoin. Investors can find hope in the potential for substantial gains if the pattern continues. However, it is crucial to conduct thorough research and analysis before making any investment decisions. The cryptocurrency market poses inherent risks, and it is advisable to proceed with caution.
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