Bitcoin’s strong historical track record in February adds to the optimism, with analysts expecting a potential breakout toward new all-time highs, possibly reaching $120,000.
By Bena Ilyas
Edited by Julia Sakovich
Updated
3 mins read
Bitcoin BTC $83 341 24h volatility: 3.4% Market cap: $1.65 T Vol. 24h: $36.58 B hit a key resistance level at $104,250 but failed to break through, briefly halting upward momentum. Analysts see this as a momentary consolidation rather than a reversal, with many still predicting a new all-time high (ATH) in February. Crypto analyst Michaël van de Poppe believes a breakout could happen within the next one to two weeks, potentially setting the stage for a significant price surge.
Source: Michaël van de Poppe
Despite short-term pullbacks, Bitcoin continues to show bullish strength, with a critical support zone holding steady at $99,993. The market structure suggests a higher low formation, making $96,000-$98,000 an ideal entry zone for traders. If Bitcoin reclaims $106,000, analysts expect an upward push toward $112,000-$115,000 levels.
Market momentum remains strong as trading volume stays steady, suggesting accumulation at current levels. A breakout above $106,000 could trigger a sharp rally toward $120,000, reinforcing expectations for another record-breaking February. However, losing the $98,000 support may lead to a deeper pullback, possibly testing levels as low as $91,500-$89,500.
Crypto analyst Mojoe hinted the Bitcoin’s strong historical track record in February. Over the years, February has delivered an average return of +15.66% and a median return of +15.32%. Some standout years include 2021’s massive 36.78% gain and 2013’s even more impressive 61.77% rally. However, not all Februarys have been bullish. 2020 saw an 8.6% decline, while 2014 recorded a steep 31.03% drop.
Source: Mojoe
The bullish trend continued into 2024, delivering an incredible +43.55% gain, making it one of Bitcoin’s best February performances ever. Given Bitcoin’s tendency for strong early-year rallies, many analysts believe the digital asset could follow its historical pattern once again.
Bitcoin remains stable in the middle of its current range, prompting analysts to dismiss concerns. Crypto trader Pentoshi, followed by 749,200 users on X, highlighted Bitcoin’s resilience amid broader market weakness, interpreting it as a strong bullish signal. Supporting an optimistic outlook, analyst Mitch pointed to market conditions that could trigger a significant upward move.
“If we see a similar move, something that is certainly possible given the current market conditions, Bitcoin could reach a new all-time high of around $119,000 by February 5!” Mitch said.
Michaël van de Poppe previously reinforced bullish perspective, noting Bitcoin’s position at $104,000 after the Federal Open Market Committee (FOMC) meeting. A breakout above $105,000 could set the stage for a record high in February.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
