Bitcoin to the Moon? Maybe…Probably Not 🚀

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Right then, Bitcoin, that digital whachamacallit, apparently decided to take a breather. It bumped its head on this so-called “resistance level” at a whopping $104,250. Now, I’m no expert, but that sounds like a lot of dosh.

BTC
$104 663

24h volatility:
0.7%

Market cap:
$2.08 T

Vol. 24h:
$32.83 B

It tried to push past, but it seems gravity, or maybe just a bad case of digital indigestion, won. Apparently, this is just a “momentary consolidation” according to the folks who stare at squiggly lines all day. They think it’s not a reversal, oh no, absolutely not, just a little pause before it rockets to a new all-time high in February. One fellow, a certain Michaël van de Poppe, thinks we could see a “breakout” in a week or two. I bet he has a very specific brand of tea he drinks to make such predictions. ☕

Source: Michaël van de Poppe

Despite the small hiccup, Bitcoin is apparently showing a lot of “bullish strength”. It’s like a digital bull, but instead of charging at a matador, it’s charging at…numbers? There’s a “critical support zone” at $99,993 that’s holding steady. I imagine that’s some sort of digital safety net. Apparently the numbers between $96,000-$98,000 are the “ideal entry zone”. If you’re into that sort of thing, of course. 🤷 If Bitcoin climbs back up above $106,000, then we could see it head towards $112,000-$115,000. Gosh, those numbers just keep getting bigger, don’t they?

The market seems to be full of buyers, or at least people who are pretending to be. Apparently it’s all “accumulation at current levels”. I guess, some people like buying at the current price, others don’t. Who am I to judge? If it manages to break above $106,000, we might get a “sharp rally” towards $120,000. Get out your party hats, it could be a record-breaking February. 🥳 Although, if it goes the other way, and goes below $98,000, it might tumble down to $91,500 or even $89,500. It’s a real nail-biter, this Bitcoin business.

10 of the Last 12 Februaries Remain Bullish: Will History Repeat?

A chap called Mojoe mentioned that Bitcoin has a history of doing quite well in February. He says that over the years, it’s averaged a return of 15.66% and a median return of 15.32%. In 2021 it made a massive 36.78% gain and in 2013 even a bigger one, 61.77%. Of course, not all Februaries are happy, some are rather grumpy. 2020, for example, saw an 8.6% decline and 2014 dropped by 31.03%. You just can’t trust February, can you?

Source: Mojoe

Last year, in 2024, it went up by an incredible 43.55%. So, if you like a gamble, February might be your month for Bitcoin. It seems to have a bit of a habit for going up in the beginning of the year. But of course, past performance, as the financial people say, is no guarantee of future results. 🤷‍♂️

Bitcoin is currently just bobbing along, somewhere in the middle of all this. The analysts are dismissing any worries. Some trader called Pentoshi who’s followed by 749,200 people on X (formerly known as Twitter) says that Bitcoin is being “resilient” in a weak market. Another analyst called Mitch thinks that things could happen that would mean a big move upwards.

“If we see a similar move, something that is certainly possible given the current market conditions, Bitcoin could reach a new all-time high of around $119,000 by February 5!” Mitch said. Blimey, that’s a bold statement. Let’s hope his crystal ball is working properly. 🔮

Michaël van de Poppe (yes, him again) also said Bitcoin was doing just fine at $104,000. If it breaks out above $105,000, we might just see a new record in February. It’s all very exciting, isn’t it? Or it could all go completely the other way. Who knows? It’s Bitcoin after all. 🤪

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2025-01-31 14:46