Is Bitcoin Getting Ready for a February Price Rally, Again?

$BTC Good looking candle on the monthly chart, looks like it wants to overtake the Nov. open It would be extra bullish if this month closed above $9250 Price would likely look to push up over $10k and re-test the POC of the June to Sept ’19 pic.twitter.com/Hxl5yZys7Y — Josh Rager (@Josh_Rager) January 28, 2020

On the low side, BTC could return to support at $8,600 or $8,300 but a dip into the $7k zone could invalidate the recent momentum. The February Feeling Crypto and forex chartist Alessio Rastani has been taking a look at the monthly picture and has discovered that February is usually a very strong month for bitcoin. “Interesting chart of how #Bitcoin usually behaves from January to July. Notice how February is usually the STRONGEST month in this period – a positive month.”

Interesting chart of how #Bitcoin usually behaves from January to July. Notice how February is usually the STRONGEST month in this period – a positive month. Sadly the sample size is small. Do you agree with the chart that Feb might be good for BTC? pic.twitter.com/QgOVGQ5tuv — Alessio Rastani (@alessiorastani) January 27, 2020

This could be the case again if history rhymes in February, however considering that Januarys are usually bearish and this month has already seen a 27% gain may result in the opposite. Observing quarterly returns over the past six years shows that Q1 has been bearish for four of those years with only 2017 and 2019 posting gains in the first three months of the year. Q2, on the other hand, has been the best performing period over the past six years, aside from 2018. Bitcoin’s status as a safe haven is getting stronger with two separate incidents resulting in simultaneous BTC and gold rallies. Add to that the halving momentum which is likely to build in February and things are looking positive for prices. Will bitcoin price post more gains in February? Add your comments below.

Images via Shutterstock, BTC/USD trading charts by TradingView, Twitter: @Josh_Rager, @alessiorastani The post appeared first on Bitcoinist.com.

source: https://bitcoinist.com/bitcoin-price-getting-ready-for-february-rally/

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