Leading crypto Bitcoin (BTC) made a strong start to the year. However, it is struggling to maintain the same momentum in February. Analysts evaluate Bitcoin’s February journey and share their predictions.
February could be Bitcoin (BTC)’s most important month
Bitcoin (BTC) has made significant gains in 2023 and the rally could be positioning the asset to start a possible bull run. In preparation for a possible rally, a crypto analyst nicknamed Elcryptoprof stated in a tweet on February 8 that February could be a key determinant in the asset’s price rise based on key technical indicators that repeat historical movements.
The analyst specifically noted that Bitcoin has already confirmed a move above the 10-day moving average. He observed that the development confirmed the start of a new rally in 2015 and 2019, with Bitcoin having previously had a one-month close above the position. In this context, the analyst made the following statement:
This could be the most important month of 2023. A one-month close above the MA10-Line confirmed the start of the new bull run in 2015 and 2019. BTC is currently above the MA10. Will it decide this month whether BTC will start its new bull run? Are you ready?
Specifically, when it comes to Bitcoin, a close above the MA10 line indicates that the cryptocurrency is experiencing bullish momentum and may be in the early stages of an uptrend. This is especially important for Bitcoin, given that the asset has experienced a significant price drop in 2022.
Bitcoin bullish indicators
According to the forecast, Bitcoin showed possible signs of undergoing a price breakout based on other technical indicators. For example, Bitcoin recently endorsed the ‘golden cross’ trading pattern, which last appeared before the 2020 and 2021 bull runs. cryptocoin.comAs you follow, after rising nearly 40% to start the year, Bitcoin seems to have taken a tumble last week. This underscores the overarching skepticism of investors regarding the surprise rally. As a result, the Bitcoin rally helped the market regain $1 trillion in value, adding around $300 billion in capital in 2023.
Overall, Bitcoin is looking for a possible catalyst from macroeconomic factors suppressing the overall market in 2022. Risk assets like BTC are likely to signal a possible decline in interest rate hikes following a slowdown in inflation. However, despite possible bullish triggers, Bitcoin faces uncertainty. Also, the leading coin is unable to hold above $23,000, a level that has emerged as a major resistance in recent days.
Worst case scenario for BTC
In the past 24 hours, the largest cryptocurrency by market cap has dropped more than 4% to just below $22,000. While BTC is stuck in a ‘make-or-break’ position, many analysts are trying to understand the behavior of Bitcoin in the coming months. Cryptocurrency expert Benjamin Cowen has set a price target in case Bitcoin falls. According to Cowen, Bitcoin’s value could drop more than 47% from its current level in a ‘worst-case scenario’.
The analyst claims that Bitcoin could rally in the coming months before ‘backtesting’ a diagonal trendline that would push the crypto king to around $12,000 in August 2023. Accordingly, the analyst makes the following assessment:
If it was August 2023, like here [12.000 dolar] And [şu anda] [26.000 dolara] it rises and then it sits here for a while and then it comes back and then this [12.000 dolarda] it dips. This of course assumes that November isn’t the bottom, which again undoubtedly could be. So the worst case scenario is something like this.
Cowen then examines Bitcoin’s price against the 50-week moving average to assess the likelihood of a drop below November lows. According to the analyst, the 50-week moving average has previously acted as an important resistance indicator after a prolonged bear market and may be about to do so once again soon.
According to online reports, below the $23,250 support area, bitcoin price started to decline. BTC continued to move bearish and even dropped below $22,800. The $22,600 support level was tested. The price formed a bottom near $22,599 and it is still increasing losses.
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