Bitcoin investors who experienced a bearish January for the flagship crypto token may find relief in the potential for a bullish February. Crypto analyst and long-term crypto investor Jelle has highlighted an interesting historical pattern that suggests February could be a favorable month for Bitcoin. Jelle shared his thoughts in an X (formerly Twitter) post, stating that “February should be strong” for Bitcoin “if history keeps repeating itself.”
The pattern Jelle refers to is the occurrence of a green month for Bitcoin in February following a bearish January and a close in the green for the last four months of the previous year. Historical data from Coinglass indicates that in 2015 and 2016, when Bitcoin closed the last four months of the year in the green, it went on to have a bearish January and a bullish February. Last year, Bitcoin closed September, October, November, and December in the green, largely propelled by the excitement surrounding Spot Bitcoin ETFs.
Potential Gains in February
Based on this historical pattern, Jelle expects February to once again be a green month for Bitcoin. What is even more intriguing is the potential for significant gains in February, as seen in 2016 and 2017 when Bitcoin recorded gains of 20% and 23%, respectively. Therefore, there is not only the possibility of a green February but also the likelihood of substantial gains for the crypto token.
Jelle remains optimistic about Bitcoin’s future price movements. In a recent X post, he pointed out that Bitcoin had risen above the $42,000 level and suggested that there could be further upside potential. He confidently stated that the “bull market stays on.” As a reputable trader, Jelle has previously demonstrated his ability to identify market bottoms and tops with his trading strategies.
Analyzing the accompanying chart in Jelle’s post provides insight into the potential upward movement of Bitcoin. It suggests that Bitcoin could rise as high as $53,000, possibly in February. If this forecast materializes, it would once again confirm the historical pattern previously observed by Jelle.
Looking Beyond February
Regardless of the outcome in February, Bitcoin investors can find solace in the fact that Bitcoin still maintains over 500 days of bullish momentum, according to crypto analyst Ali Martinez. This indicates a positive long-term outlook for the flagship cryptocurrency.
Despite recent price declines, Bitcoin whales, individuals or entities holding 1,000 BTC or more, have remained steadfast in their positions. The increase in whale holdings signifies confidence in the future prospects of Bitcoin.
At the time of writing, Bitcoin is trading slightly above $42,000, showing a decrease of over 1% in the last 24 hours. It is important for investors to conduct thorough research and exercise caution when making investment decisions.
The historical pattern identified by Jelle suggests the potential for a bullish February for Bitcoin. This offers hope to investors who experienced a bearish January. Moreover, the possibility of significant gains in February further reinforces the positive sentiment. Bitcoin’s long-term bullish momentum and the confidence displayed by Bitcoin whales add further support to the optimistic outlook. As with any investment, it is crucial for individuals to conduct their own research and make informed decisions.