Predicting Bitcoin (BTC) Price Performance for February
Renowned crypto analyst MikybullCrypto has made a bold prediction, stating that Bitcoin’s price could skyrocket to $50,000 before experiencing a significant correction. This forecast is based on an analysis of historical market cycles, macro corrections, and pre-halving periods, indicating a strong possibility of a major surge in Bitcoin’s value in the near future.
In a recent post on X, MikybullCrypto highlighted the current market scenario and drew attention to the launch of the Spot ETF, which is often considered a “sell the news” event. Examining Bitcoin’s monthly chart, the analyst noticed a pattern called a doji, indicating indecision among market participants.
The Supertrend indicator, a reliable tool for many analysts, remains in bearish territory. This bearish sentiment is primarily due to Bitcoin’s failure to close above the critical $45,000 mark on a monthly basis, although this achievement is expected to happen later this month.
Taking a deeper dive into the analysis, MikybullCrypto pointed out historical patterns, specifically mentioning that the Relative Strength Index (RSI) typically reaches around 67 levels in the pre-halving period before a macro correction takes place. Based on this observation, the prediction suggests that Bitcoin may reach the $50,000 threshold before undergoing a substantial correction.
Aligning with MortensenBach’s Bitcoin seasonality chart, MikybullCrypto’s analysis indicates a bullish February followed by a potential correction in March. Currently in a consolidation phase, Bitcoin is eagerly awaiting key movements in the market.
To determine the cryptocurrency’s next move, MikybullCrypto identifies $44,000 and $41,000 as pivotal levels. These levels serve as crucial indicators, either confirming or challenging the presented data.
At present, Bitcoin is trading at $42,961, reflecting a modest 6.9% increase over the past week. The 24-hour trading volume has seen a decline of 24.1%, and the market cap is hovering around $845.12 billion.