From a historical perspective, we see that January has generally not been Bitcoin (BTC)’s ‘best month’ since 2013. February has historically been Bitcoin’s best ‘return month’.
“January is historically bad for Bitcoin”
Crypto analyst Daan Crypto stated in his latest tweet that January is not usually Bitcoin’s ‘best month’. The analyst backed up his claim with data showing that 60% of the months since 2013 have resulted in a negative return. In this context, Daan Crypto shared the following:
Historically, January isn’t the best month for Bitcoin. Also, 60% of the months since 2013 have resulted in negative returns. It is also possible to see how big the percentage change in the January average is. Both up and down. Will January bring some volatility to the market?
Bitcoin’s comeback month: February
According to CNBC, Bitcoin has had a good year with an uptrend of 70% since the beginning of 2021. It also brought the entire market to a total valuation of $2 trillion. According to Daan Crypto, February has historically been Bitcoin’s best ‘return month’. Also, the analyst said that Bitcoin is in the ‘Christmas Range’ of $16,700-16,900. In this regard, the analyst stated:
BTC is back in the ‘Christmas Range’ of around $16.7-16.9k. My idea/feeling that a weak crash is fake seems correct for now. The eyes are in the $ 16.9-17 thousand price region, where it has been rejected for a while.
Further to Daan Crypto, the analysis added:
Besides that, February has been one of BTC’s best comeback months. Note that this data is not a reliable indicator for future returns.
“This move will probably determine the direction of the trend!”
Since the inception of cryptocurrencies, Bitcoin has typically been seen as the poster child for the crypto market. However, cryptocoin.com After the FTX crash, the market generally fell. Of course, Bitcoin was no exception. After a turbulent 2022, all eyes are on Bitcoin as we enter 2023. According to crypto analyst Ali Martinez, Bitcoin is stuck between two major supply barriers. In this context, the analyst makes the following statement:
Bitcoin is stuck between two important supply walls. One at $16,600 where 1.46 million addresses hold 915K BTC. The other is at $17,000 where 1.27 million addresses hold 730K BTC. A sustained movement outside this area will likely determine the direction of the trend.
Given Bitcoin’s meteoric rise in recent years, most of the community believes that despite its current position, Bitcoin will lead the next crypto bull market. Given Bitcoin’s limited supply, many investors expect its volatility and safety against inflation to decrease in hopes that Bitcoin will explode soon.