9 months ago
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Crypto analyst and long-term crypto investor Jelle has highlighted an interesting historical pattern that suggests that February could be bullish for Bitcoin. This would no doubt be a relief for BTC investors who have to deal with a bearish January for the flagship crypto token.
Why February Could Be Bullish For Bitcoin
Jelle stated in an X (formerly Twitter) post that “February should be strong” for Bitcoin “if history keeps repeating itself.” The history which he alludes to is the pattern where February turns out to be a green month for Bitcoin after it has seen a bearish January and had closed in the green for the last four months of the previous year.
Data from Coinglass shows that the only other times (2015 and 2016) BTC closed the last four months of the year in the green, it went on to record a bearish January and a bullish February after that. Last year, Bitcoin closed September, October, November, and December in the green, thanks largely to the frenzy around the Spot Bitcoin ETFs.
Bearing the historical pattern in mind, Jelle expects that February will once again be a green month for Bitcoin. Interestingly, Bitcoin’s gains in February 2016 and 2017 were significant, recording 20% and 23%. As such, there isn’t only the possibility of this February being green for Bitcoin but also coming with huge gains for the crypto token.
The Bull Market Stays On
In a more recent X post, Jelle highlighted how Bitcoin was back above the $42,000 level and hinted that there could be more move to the upside as he stated that the “bull market stays on.” The crypto analyst is known to be a reputable trader, as he had previously mentioned how his strategies helped him catch the BTC bottom and sell the top.
From his X post, one could see that Jelle was predicting that the next significant upward movement from Bitcoin could see it rise to as high as $53,000. Interestingly, from the accompanying chart, there was a likelihood of this happening sometime in February. Such a move will once again establish that historical pattern which Jelle had earlier highlighted.
Whatever happens in February, Bitcoin investors can still take comfort in the fact that Bitcoin still has over 500 days of bullish momentum, according to crypto analyst Ali Martinez. Bitcoin whales have so far remained steadfast, with an increase in those holding 1,000 BTC or more despite the flagship crypto token’s recent price decline.
At the time of writing, BTC is trading just above $42,000, down over 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image from The Financial Commission, chart from Tradingview.com
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