The $3.5 trillion crypto market is currently facing a downtrend, with Bitcoin price in the red zone. However, historical patterns suggest a bullish run ahead, as February has traditionally been a strong month.
Bitcoin To See a Bullish Uptrend in February
In a recent X post, analyst Mister Crypto hailed February as a bullish month for Bitcoin, drawing parallels from historical data. According to Mister Crypto’s analysis, February boasts an average monthly return of 14.46%, with last year’s return reaching a remarkable 43.55% – the highest since 2013’s 61.77% surge. Following a notable 9.29% return in January 2024, Mister Crypto’s analysis takes a surprisingly cautious tone, predicting a modest 0.07% return for February.
In addition, crypto enthusiast CryptoGoos highlighted the remarkable performance of the Bitcoin price in the month of February. Bitcoin typically shows an upward pattern in February, increasing the likelihood that this pattern will repeat. Predicting a bullish rally ahead, the analyst asked, “Why would it be any different this time around?”
Glassnode Analysis: Key Pivot Zone Emerges
According to Glassnode’s analysis, a large volume of BTC has been bought and sold at a range of $94k -$101k over the last 45 days. This has created a dense supply cluster near the crucial point of $98k.
Over the last 45 days, a high volume of $BTC has exchanged hands in the $94K – $101K range, forming a dense supply cluster near $98K: https://t.co/sdnq8DQcyy
Why it matters: The longer the price consolidates within or above this range, the stronger this area will act as… pic.twitter.com/OSQif6DvWp
— glassnode (@glassnode) January 31, 2025
The analysis noted that the $98,000 level is emerging as a key pivot zone for the cryptocurrency’s next move. With the point acting as both a resistance and a support, it will likely influence Bitcoin’s future price movements.
Alerting traders to keenly watch the point, Glassnode added, “The longer the price consolidates within or above this range, the stronger this area will act as support in corrections and resistance in rallies.” It is important to note that the BTC analysis is coming amid increasing anticipation of the US Bitcoin reserve.
Is Bitcoin Poised to Reach Its New ATH in 2025?
Mags, another prominent crypto analyst, predicted, “Bitcoin bull rally incoming.” The yearly chart presented by Mags highlights the possibility of BTC reaching a new ATH of about $400k by mid-2025.
Similarly, prominent crypto commentator Charlie has drawn a striking parallel between Bitcoin’s price trajectory in 2017 and its potential path through 2025. The forecast shows that BTC will surge past an ambitious level of $940,000 by year-end.
As of press time, Bitcoin price is at $102,208.67, with a daily decline of 2.65%. Over the last seven days, Bitcoin faced a 2.68% decline despite a 4.4% monthly surge. However, with a massive market cap of $2.01 trillion and a dominance of 54%, Bitcoin stands firm as the largest cryptocurrency.
The post Here’s Why The Bitcoin Price Could Surge This February appeared first on CoinGape.
