Following a trail-blazing January, Bitcoin enthusiasts are eagerly looking forward to what February has to offer. The previous month, which marked the commencement of the new year, saw Bitcoin stabilize within the five-digit price band, despite an initial stumble. However, the crypto giant managed to bounce back, setting a new record high just weeks later.
As we step into February, the spotlight is now on this month, traditionally a lucrative period for the world’s largest cryptocurrency.
Looking back at January, Bitcoin experienced a significant correction at the end of 2024, plummeting from a high of $100,000 on December 26 to less than $92,000 on December 30. Despite these fluctuations, Bitcoin ushered in the new year at an approximate $93,500, on most exchanges.
Within the first week of January, Bitcoin soared beyond the much-anticipated $100,000 mark, only to experience a sharp correction that sent it spiralling below $90,000 for the first time since November. This was amid a backdrop of uncertainty in the US political and economic landscape.
However, the bulls stepped in, halting any further decline despite numerous predictions of a potential drop to $75,000. To the contrary, Bitcoin pivoted strongly, crossing the $100,000 milestone three days later.
Bitcoin faced more volatility on January 20, the day of Donald Trump’s inauguration. Hours before the high-profile event, Bitcoin plunged from $106,000 to under $100,000, but rebounded spectacularly to record a new all-time high of over $109,000.
While this record was achieved somewhat unexpectedly and didn’t last, Bitcoin closed January in the six-digit range, recording a surge of 9.29% according to CoinGlass.
With January in the history books, all eyes are now on February, one of Bitcoin’s most profitable months historically. In fact, only two of the last 12 Februaries have ended in the red, with the last one being five years ago in 2020.
Furthermore, the three Februaries succeeding a halving year have seen substantial returns – 61.77% in 2013, 23.07% in 2017, and 36.78% in 2021. This offers a beacon of hope for the month ahead.
There is an undeniable bullish sentiment across the market, echoed by the rising amount of USDT and USDC on exchanges, suggesting that investors are gearing up to enter the market. Additionally, President Trump’s executive order to consider integrating certain digital assets into the US reserves could provide a significant boost to the markets if approved.
