BTC Proves Weak Every January; Analysts Hope for a Feb 2023 Boom

BTC Proves Weak Every January; Analysts Hope for a Feb 2023 Boom

Bitcoin

Crypto expert Daan Crypto reported in his latest tweet that January has typically not been Bitcoin’s ‘best month.’ He backed his claim with data showing that a negative return resulted in 60% of the months since 2013.

Further, the analysis added:

Besides that, February has been one of $BTC’s best returning months. Keep in mind that this data is not a reliable indicator for future returns. Use in confluence.

Since the inception of cryptocurrencies, Bitcoin is typically seen as the poster child of the crypto market. However, the market plummeted across the board after the FTX crash, and Bitcoin was no exception. After a tumultuous 2022, all eyes are focused on Bitcoin as we enter 2023.

As per a tweet from crypto analyst Ali Martinez, Bitcoin is trapped between two major supply obstacles.

#Bitcoin sits between two significant supply walls. One at $16,600 where 1.46 million addresses hold 915K #BTC and the other one at $17,000 where 1.27 million addresses hold 730K $BTC. A sustained move outside of this area will likely determine the direction of the trend. pic.twitter.com/oGNdbcPV0k

— Ali (@ali_charts) December 26, 2022

Considering Bitcoin’s meteoric rise over the past years, much of the community believes it will lead the next crypto bull market, despite its current position. Given Bitcoin’s finite supply, many investors anticipate a reduction in its volatility and security against inflation with the hope that Bitcoin will boom soon.

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