Bitcoin Hits Key Resistance at $104,250 Amid Bullish February Predictions
Bitcoin Analysis
- Bitcoin reached a resistance level of $104,250 but did not break through, leading to a temporary halt in upward momentum.
- Analysts predict consolidation rather than a reversal, with expectations for a new all-time high (ATH) in February.
- Crypto analyst Michaël van de Poppe foresees a potential breakout in one to two weeks, which could lead to a price surge.
- Current support remains at $99,993; ideal entry zone for traders is between $96,000 and $98,000.
- If Bitcoin surpasses $106,000, analysts anticipate movement towards $112,000-$115,000.
- Market momentum is strong; steady trading volume indicates accumulation at current levels.
- A breakout above $106,000 may trigger a rally towards $120,000; however, losing the $98,000 support could result in testing lower levels between $91,500 and $89,500.
Historical Performance in February
- February has historically shown bullish trends, with an average return of +15.66% over the years.
- Standout performances include +36.78% in 2021 and +61.77% in 2013.
- In 2024, Bitcoin delivered a +43.55% gain, marking one of its best February performances.
- Some Februarys have been bearish, such as -8.6% in 2020 and -31.03% in 2014.
Analysts believe Bitcoin's early-year rallies may continue, potentially following historical patterns. Crypto trader Pentoshi noted Bitcoin's resilience amid broader market weakness, suggesting a strong bullish signal.
Mitch stated that if current market conditions persist, Bitcoin could reach a new ATH of around $119,000 by February 5.
Michaël van de Poppe reiterated a bullish outlook, indicating that a breakout above $105,000 could pave the way for a record high in February.