Bitcoin Rises 43% in January: Is a Bullish February Expected?

Vinod Dsouza
BTC Bitcoin Bull Run

Bitcoin is up by 43% since the start of January 2023 and remained bullish for the majority of the month. BTC was priced at $16,500 on Jan. 1, 2023, and scaled up to $23,955 on Monday. Other altcoins have followed the collective rally, registering new monthly highs.

Now that January is coming to an end, all eyes are on February as the Feds would meet on Jan. 31 and Feb. 1. The CME FedWatch Tool predicted that the Federal Reserve could raise interest rates again by 25 BPS. Will this affect Bitcoin’s performance in February? Let’s find out!

Also Read: Is Bitcoin Likely to Close at Its Highest Price Since August 2022?


Bitcoin: How High Could BTC Go in February 2023?

Bitcoin BTC Bull
Source: Pixabay

Leading cryptocurrency analyst Altcoin Sherpa shared a Bitcoin chart on Monday showing four green 1W candles in a row. The analyst suggested that every time this chart appeared previously, BTC shot up in price.

Also Read: Bitcoin Enters “Greed” For the First Time Since March 2022

Source: Twitter / Altcoin Sherpa

BTC spiked from $3,000 to $14,000 in 2019 and also jumped in value during the Covid-19 recovery rally in 2020, along with the bull run in 2021.

“BTC: We just had 4 green 1W candles in a row. Every time this happened (other than April 2018 where it was a lower high) has produced great results. We have seen this happen: 2017 run up 2019 3k-14k 2020. Covid recovery, late 2020/21 run up 2021 August to ATH,” he tweeted.

However, considering that the economy is in a different state this time around, the analyst cautioned that a meteoric rise can be taken off the table.

The cryptocurrency analyst predicts that Bitcoin could touch a high of $25,000 in February 2023 before retracing in price. He warned that BTC is yet to bottom out and January’s spike does not constitute a bull run.

“What am I saying? Bottom in? Not really. Different macro environment and I’m more playing everything safe. That said, I’m still net long and I will be playing this rotation for as long as it gives. Still expecting at least 25k to be honest,” he predicted.

Also Read: ‘Buy Shiba Inu’, Says Early Bitcoin Investor Davinci Jeremie

Therefore, according to the cryptocurrency analyst, Bitcoin might rise by 6% in February 2023 compared to this month. At press time, Bitcoin was trading at $23,727 and is up 2% in the 24 hours day trade. It is down 65.6% from its all-time high of $69,044, which it reached in November 2021.