After six months of the bitcoin price going down, investors have something to cheer in February.
The world’s leading crypto by market cap is expected to close the month up by at least 10% on the opening price. This will mark the fifth consecutive year of a bitcoin price rise in February.
This trend should run throughout March, according to some analysts. All signs seem to point towards bear momentum finally running out of steam.
At the time of writing, bitcoin was trading at $3,813, up from $3,434 at the start of this month. There are still some technical measures showing a price decline over the longer term. However, the performance this month will be welcome news for those long on bitcoin.
Assuming the month closes out at $3,800 or above, trading in February will mark the first positive month for bitcoin prices since last July. The protracted sell-off apparently pulled up short of $3,300 at its lowest.
Approaching the final month of Q1, the signs for an ongoing recovery look bright. In fact, BTC could return to over $4,000 levels and beyond, according to some some analysts.
Omkar Godbole, analyst at CoinDesk, said bitcoin investors could expect ongoing bullish conditions and bitcoin price increases in the coming days.
“Bitcoin appears on track to snap its six-month losing streak and close February in the green for the fifth consecutive year. BTC may remain better bid in March, as the weekly chart is signaling bearish exhaustion. The short-term outlook remains bullish, with BTC holding above $3,714 and a bounce from 10-candle MA on the three-day chart could yield a move toward $4,000.”
However, Godbole warned there was still an overall bearish trend, as per analysis of monthly charts.
“The outlook as per the monthly chart remains bearish, as moving average studies are still trending south. The bearish setup would be invalidated if and when prices clear the resistance of the trendline falling from December 2017 highs, currently at $5,000.”
Nevertheless, the news of bitcoin’s ongoing recovery means investors could soon have the opportunity to capitalize on rising prices.
There is still some way to go before surpassing the resistance at $5,000 that would signal a wider bull market. However, there is no doubt that bitcoin has enjoyed a successful month.