Bitcoin is experiencing a 43% growth since the beginning of 2023. With a price of $16,500 on January 1, Bitcoin (BTC) reached a new high of $23,955 on Monday. This rise has been maintained for most of January. Not to be outdone, altcoins are following bitcoin’s rally by also recording a rise.
The crypto community remains on the lookout for the future trend of cryptocurrency in 2023, hoping for continued bullish growth.
Will BTC continue to increase in February ?
As January winds down, all eyes are now on February. What can we expect for Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies next month ? When is the next bull run ?
On Monday, Altcoin chief analyst Sherpa published a chart showing four consecutive green candles in 1 week for bitcoin. According to the analyst, every time such a chart was observed before, the price of BTC saw a significant increase.
Bitcoin has experienced explosive growth, rising from $3,000 to $14,000 in 2019 and benefiting from post-Covid rallies in 2020 and 2021. However, the analyst cautions that this time around, given the current economic differences, a dramatic rise may not be in the cards.
“BTC: We just had 4 1W green candles in a row. Each time this has happened (other than April 2018 when it was a lower high) has produced great results. We have seen this happen: 2017 through 2019 3k-14k 2020. Covid recovery, late 2020/21 through August 2021 at ATH.”
Altcoin Sherpa, Twitter
The crypto expert predicts a peak for bitcoin at $25,000 in February 2023, followed by a correction. He warned that BTC’s price has not yet bottomed out and that January’s rise does not represent a sustainable uptrend.
Altcoin Sherpa therefore estimates that Bitcoin could see a 6% increase in February 2023 compared to January. At the time of publication, it was trading at $23,727 with a 2% increase in the last 24 hours. However, it is 65.6% below its all-time high of $69,044 reached in November 2021.
The entire crypto community wants to follow the evolution of the cryptocurrency markets and hopes to continue to see a rather bullish market. But it’s important to keep in mind that predicting the price of Bitcoin can be uncertain.
Investing in cryptocurrencies comes with risks, and it’s essential to remain vigilant to avoid unpleasant surprises. Keep in mind that predictions can change quickly and it is always important to do your own research before making an investment decision.