Bitcoin's impressive price surge in February, Matrixport analyst: Key resistance at 44k for further upward momentum
Although Bitcoin welcomed the launch of spot ETF on January 10th, the final increase for January was only 0.62%, and there was a slight decline in the first weekend of February. However, historical data shows that Bitcoin has risen 7 out of 10 times in February. Analysts from Matrixport and 10x Research still have a positive outlook on the first quarter target price of $50,000.
Table of Contents
Bitcoin Weekend Slight Dip
Bitcoin saw a slight dip over the weekend, gradually declining after hitting $43,485 on February 3, dropping to a low of $42,188 on February 5, and slightly rebounding to $42,747 before the deadline.
BitMEX founder Arthur Hayes had previously predicted a minor decline in Bitcoin, suggesting that the Federal Reserve's restarting of money printing due to macroeconomic factors could lead Bitcoin to replicate last March's uptrend.
New York Community Bank Plummets 30%, BitMEX Founder: Bitcoin Will Replicate Last Year's Surge
44,000 Acts as Resistance for Bitcoin
Although Matrixport and 10x Research analyst Markus Thielen has turned bullish on Bitcoin and set a target price of $50,000 by the end of the first quarter, he mentioned that Bitcoin needs to firmly establish and break through the 43,000/44,000 resistance levels to climb to the $52,000 level. Additionally, compared to the U.S. and Asian markets, Bitcoin dropped by 3% during Asian trading hours and rose by approximately 1% during U.S. hours.
Markus Thielen firmly stated that Bitcoin is expected to rise in the U.S. presidential election year.
Matrixport Analyst: Bitcoin Shifts to Bullish in the "Fourth Wave," Targeting $50,000 in the First Quarter
🚀 Who is buying/selling Bitcoin? Seasonal trends for February…and more…
👇1-11) As expected, Bitcoin struggles with the 43,000/44,000 resistance level (see report January 29). We still hope that Bitcoin will break above this resistance and climb to the 52,000 level, but… pic.twitter.com/A6Nm86WFUq
— 10x Research (@10x_Research) February 5, 2024
Bitcoin's Average February Increase is 8%
Matrixport officially quoted past data, indicating that Bitcoin has historically performed well in February, with 7 out of the last 10 years showing positive returns, averaging an 8% increase. Typically, the fourth and second quarters perform the best, while the third quarter performs the worst.
Although Bitcoin welcomed the launch of spot ETF on January 10, the price only rose by 0.62% in January. Will February see a significant increase as predicted above?
Lastly, here is the historical monthly performance of Bitcoin in terms of price fluctuations.
