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.
In an X (formerly Twitter) post, Jelle noted that “February should be strong” for Bitcoin “if history keeps repeating itself.” The historical pattern he refers to is when February turns out to be a green month for Bitcoin after a bearish January and after the token closed in the green for the last four months of the previous year.
Looking at the data from Coinglass, it shows that in 2015 and 2016, the only other times BTC closed the last four months of the year in the green, it subsequently had a bearish January followed by a bullish February. Furthermore, in 2021, Bitcoin closed September, October, November, and December in the green, due to the frenzy around the Spot Bitcoin ETFs.
Considering this historical pattern, Jelle expects that February will once again be a green month for Bitcoin. Notably, the gains Bitcoin experienced in February 2016 and 2017 were quite significant, recording 20% and 23% respectively. This suggests that not only is there a possibility of February being green for Bitcoin, but it could also come with substantial gains for the crypto token.
In a recent X post, Jelle highlighted how Bitcoin had surpassed the $42,000 level and hinted at the potential for further upward movement. He confidently stated that the “bull market stays on.” Known for being a reputable trader, Jelle previously shared how his strategies helped him catch the BTC bottom and sell the top.
Examining Jelle’s post, it can be inferred that he predicts the next significant upward movement for Bitcoin could push its price as high as $53,000. The accompanying chart indicates that this could occur in February, aligning with the historical pattern mentioned earlier. If this prediction comes to fruition, it would reinforce the validity of Jelle’s observation.
Regardless of what transpires in February, Bitcoin investors can still find solace in the fact that the crypto token has over 500 days of bullish momentum, according to crypto analyst Ali Martinez. This is further supported by an increase in the number of Bitcoin whales holding 1,000 BTC or more, despite the recent price decline.
As of writing this article, BTC is trading just above $42,000, reflecting a decrease of over 1% in the last 24 hours, according to data from CoinMarketCap.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell, or hold any investments. Naturally, investing carries risks, and readers are advised to conduct their own research before making any investment decisions. The information provided on this website is entirely used at the reader’s own risk.