Cryptocurrency Winter May Extend Until This Date! –

Groundhog Day, a popular North American tradition celebrated on February 2 in the United States and Canada, is superstitious that the next six weeks are still winter. What would happen if such a situation were also valid in the cryptocurrency market? Let’s take a look at a different story…

What could happen if the cryptocurrency market experiences another six weeks of winter?

Yesterday was Groundhog Day in the USA, a day when locals gathered around the “Punxsutawney Phil” area to watch if they saw his shadow. This event is a superstitious sign that we have six more weeks of winter ahead. Meanwhile, Bitcoin and altcoins have been booming since the beginning of the year after one of the longest crypto winters on record. The early morning sell-offs severely undermined the rally today.

While taking a zoomed out view of the crypto market via BTC charts, bottoming out here will be a Groundhog Day-like scenario where cryptocurrency bull runs repeat in a cyclical rhythm. If the cryptocurrency market experiences another six months of crypto winter, this may not mean new lows. In 2015, Bitcoin tried to break out of the bottom of the bear market, but was rejected for exactly six weeks of crypto winter.

What awaits Bitcoin in February?

While historical data shows that a longer crypto winter doesn’t always mean new lows, February brings a host of macro catalysts closer for the cryptocurrency market. For example, the FOMC meeting on February 1 was perhaps the most anticipated event in the investment landscape. This included the cryptocurrency market, so there were high expectations especially among Bitcoin investors and enthusiasts.

Satoshi Nakamoto’s vision may be to create a new financial system that is disconnected from the traditional financial system. Fast forward to the present day and it is clear that there is a significant correlation between the crypto market and traditional finance. This mostly has to do with how investors react to economic changes. The Fed’s second consecutive increase of 25 basis points in interest rates and the rise of cryptocurrencies was one of the concrete examples of this. Bitcoin reacted positively to the news, with some gains hours after the new rate hike was announced.

Bitcoin managed to briefly climb above the $24,000 price level with the Fed rally. The overall cryptocurrency market cap is up around 4.5%. The bullish result confirms that investors are optimistic about the Fed’s decision. The main reason for this is that the rate hike has remained stable, confirming that quantitative tightening has set the FED on the right track towards economic normal. However, despite the momentum, not all analysts are so optimistic. According to some analysts, the strengthening US dollar also increases the pressure on the market.

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