Bitcoin Preparing For A February Rally? Analyst Says New High Is Two Weeks Away
29 Janeiro 2025 - 3:30AM
NEWSBTC
After starting the week with a red Monday, Bitcoin (BTC) has
recovered the $100,000 zone, registering a 4% recovery from
yesterday’s lows. Following its recovery, some crypto analysts
suggested that BTC could be getting ready for a February pump.
Related Reading: ‘No Need To Panic’: Cardano (ADA) Holding Key
Level Despite 14% Drop Choppy January, Double-Digit February? On
Monday, the crypto market suffered a shakeout generated by the
broader sell-off ignited by DeepSeek’s Artificial Intelligence (AI)
news. Altcoins like Ethereum (ETH) and Solana (SOL) fell 8.4% and
15%, respectively, while Bitcoin dropped 5%. The flagship
cryptocurrency fell below the $100,000 mark for the first time in
over a week, dipping to $98,000 on Monday. However, it has
experienced a strong rebound, recovering the crucial support zone
as the day ended. After surging to $102,000 on Tuesday morning,
Bitcoin has been unable to reclaim $103,000, moving sideways within
the $102,000-$102,990 price range throughout the day. Trader Daan
Crypto noted that Bitcoin continued moving in the mid-zone of its
post-election range despite the drop. “Right back into the
high-volume area within this range. Doesn’t seem like the $100K
mark is left behind so easily just yet,” he wrote. Daan considers
that as long as Bitcoin doesn’t break below or above $90,000 or
$108,000, the price will continue with its “decent but choppy”
performance. However, he suggested that Bitcoin could have a better
price action next month based on its historical performance. The
trader points out that February has been historically BTC’s
second-best month, only behind October. In the last 12 years,
Bitcoin has seen a green performance during this month 10 times,
registering up to 61% monthly return, according to CloinGlass data.
Similarly, Rekt Capital stated that in its post-halving years,
Bitcoin saw a double-digit profit in February, with 61% in 2013,
23% in 2017, and 36% in 2021. The analysts added that “8 out of the
past 12 February dating back to 2013 have produced double-digit
upside.” Bitcoin Next Leg Up Coming Soon Rekt Capital also
considers that BTC is preparing for its next leg up. The analyst
explained that Bitcoin completed its first post-halving Price
Discovery Uptrend and first Price Discovery Uptrend Correction.
This suggests that BTC “should be able to embark on its second
Price Discovery Uptrend to new highs” in the next two weeks.
According to Rekt Capital, the second phase historically starts
during week 16 of Bitcoin’s Parabolic Phase, with Bitcoin currently
starting the 14th week. “In Week 14 of the 2017 cycle, Bitcoin was
recovering from its first Price Discovery Correction only to make
new highs in Week 16 In Week 14 of the 2021 cycle, Bitcoin was
still just bottoming on its first Price Discovery Correction only
to make new highs in Week 16,” the analyst detailed. Related
Reading: Tuttle Capital Files For 10 Leveraged Crypto ETFs
Including TRUMP And Cardano As a result, Rekt Capital suggests
investor “Patienlly HODL” for the next two weeks, as “confirmation
Of The 2nd Price Discovery Uptrend” is set to start next month.
Moreover, Bitcoin’s Monday close above $101,200 developed a “new
early-stage Higher Low,” which could see the price “consolidate
further here to as high as the Range High at $106,200” if it
continues to hold above this level. Featured Image from
Unsplash.com, Chart from TradingView.com
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