Bitcoin Recovers to $100,000 Zone Amid Analysts’ February Rally Predictions
Bitcoin (BTC) has rebounded to the $100,000 zone after a 4% recovery from lows earlier in the week. Analysts suggest BTC may be poised for a price increase in February.
Market Overview
- On Monday, Bitcoin dropped below $100,000 for the first time in over a week, hitting a low of $98,000.
- By Tuesday morning, Bitcoin surged to $102,000 but struggled to reclaim $103,000, fluctuating between $102,000 and $102,990.
- Altcoins like Ethereum (ETH) and Solana (SOL) fell 8.4% and 15%, respectively, amid a broader market sell-off influenced by AI news.
Price Analysis
- Trader Daan Crypto indicated that as long as Bitcoin remains between $90,000 and $108,000, it will exhibit choppy price action.
- Historically, February has been BTC's second-best month, with past performances showing 10 out of 12 years resulting in positive returns, averaging up to 61% monthly gains.
- Rekt Capital noted that post-halving years typically yield double-digit profits in February.
Future Projections
- Analysts predict Bitcoin is preparing for its next upward movement, with potential new highs expected in the coming weeks.
- Bitcoin's close above $101,200 on Monday could lead to further consolidation, possibly reaching up to $106,200 if it maintains this support level.
