–
Over the 10 years that Bitcoin has existed, Bitcoin has seen many good and bad months. However, February has repeatedly shown itself in history as a bullish month, which now leaves the question of what it looks like in 2020.
Will February be bullish for Bitcoin?
Over the weekend, Bitcoin has gained strength that continues. The price is currently just under $ 9,000. The price rose from around $ 8,730 to just under $ 9,150 last night and has seen no setback since then. This clearly shows that the bulls are currently in charge and the market wants to see the price higher.
The bearish forecasts for the Chinese New Year, which fell exactly on the last weekend, have not been shown. Many bears believe that the corona virus is to blame. However, Asian equity markets have plummeted, as has the Chinese yuan, which is usually a bullish signal for Bitcoin.
However, analysts see nothing extraordinary in the Bitcoin market. Josh Rager is one of them.
“The short answer – $ BTC hasn’t made any unusual price changes during the recent panic waves, even though stocks in China have suffered a significant slump,” he wrote on Twitter.
Bitcoin price is back before the resistance at around $ 9,200, if it falls, the way to $ 9,700 is almost paved.
Rager added that the monthly candle is very strong and, in its current condition, could lead to a five-digit range.
Should it go down again, good support can be found at around USD 8,750 and below that at around USD 8,600. However, if it falls lower, below $ 8,000, it could destroy the current dynamic.
Crypto and forex analyst Alessio Rastani looked at the monthly chart and found that February is usually a very strong month for Bitcoin.
“Interesting chart of how #Bitcoin normally behaves between January and July. Note that February is usually the STRONGEST month in this period – a positive month. ”
Interesting chart of how #Bitcoin usually behaves from January to July. Notice how February is usually the STRONGEST month in this period – a positive month. Sadly the sample size is small. Do you agree with the chart that Feb might be good for BTC? pic.twitter.com/QgOVGQ5tuv
– Alessio Rastani (@alessiorastani) January 27, 2020
If history repeats itself, it could happen again this February. However, if you consider that January is usually on the decline and this time it was a month in which the BTC has already increased by 27 percent, this could turn out to be the opposite this time.
Observation of quarterly earnings over the past six years shows that the first quarter declined in four of these years and only increased in 2017 and 2019 in the first three months of the year. The second quarter, however, was the best performer except 2018, in the past six years.
Bitcoin’s safe haven status was strengthened by two separate incidents that led to both a BTC and gold rally. In addition, the momentum is expected to halve in February, after which the prices will develop positively.
Image source: Pixabay
–
