Bitcoin started the year trading at $42,343 and went through various ups and downs throughout the month of January. The Bitcoin price has experienced very positive returns during the months of February in previous years. Various analysts and AI shared their Bitcoin price predictions for February 2024: Bullish or bearish trend?
After a positive December for Bitcoin (BTC), the leading cryptocurrency price experienced major obstacles during January, with a sharp drop after the approval of the first Bitcoin spot ETFs in the United States: What will happen to the BTC price in February 2024?
Bitcoin started the year trading at $42,343 and reached a monthly high of $48,494 on January 11. Since then, its trajectory has been downward, even falling below $39,000. Currently, the price of BTC stands at $43,328, according to data from CoinGecko.
What Can Happen to Bitcoin in February?
When evaluating the data shared by Coinglass, since 2013, the price of Bitcoin has experienced extremely positive returns during the months of February.
In eleven years of records, the price of Bitcoin has only experienced two bearish February months. The first of them was in 2014, when it plummeted 31%. On the other hand, in 2020 it registered a drop of 8.6% just weeks before the start of the COVID-19 pandemic.
What Analysts Predict about the Bitcoin Price for February 2024
2024 has generated great expectations among cryptocurrency enthusiasts. Firstly, on January 10, the SEC approved the first Bitcoin spot ETFs in the United States, which have surpassed the milestone of 20 billion in trading volume.
Various cryptocurrency analysts have taken to the social network X (formerly Twitter) to share their Bitcoin price predictions for the month of February 2024.
Analyst Michaël van de Poppe told his 679.6 thousand followers that the range is still “relatively clear” for Bitcoin. In a subsequent message, the analyst mentioned the new rise in the price of Bitcoin above $43,000, noting that “there are chances that the correction is over and the markets are ready for another push.”
TradingHubb expressed that the downward movement experienced by Bitcoin is a bit confusing. Later, he added that “$BTC – managed move up to regain range […] Targets around 44-45k.”
BeInCrypto analyst and global head of news Ali Martínez noted that “Here’s a new perspective: the increase in new $BTC addresses indicates a rising wave of investor interest. It seems many have been buying the #BTC dip.”
Benjamín Isaza, trader and analyst at BeInCrypto, also shared some interesting findings. First of all, it notes that Bitcoin bounced off the 20-period moving average on the weekly time frame, reaching the $42,200 barrier again.
Isaza explains that, if this barrier is recovered, in the short term he projects bullish continuity with a target of $44,600. However, otherwise a fall to $32,000 is not ruled out. He also added that, in the weekly time frame, a bearish divergence is beginning to appear.
What AI Predicts about the Bitcoin Price for February 2024
Bard, Google’s AI chatbot, points out that the price of Bitcoin for the month of February could fluctuate in three possible scenarios:
Optimistic predictions: Bitcoin could reach $50,000 or even $100,000.
Neutral Predictions: BTC price will trade between $30,000 and $50,000.
Pessimistic predictions: BTC could plummet to $20,000 or even $10,000.
However, it is widely recognized and highlighted by Bard, that the cryptocurrency market is very volatile and that no prediction is 100% accurate.
By Leonardo Perez
