Bitcoin future predictions for February 2023: Bitcoin has experienced significant growth in 2023, and this rally may set the asset up for a potential bullish rally.
In anticipation of a potential rally, cryptocurrency analyst Elcryptoprof tweeted on February 8 that February could be a critical month for the asset’s growth based on technical and fundamental indicators and looking at historical trends.
The analyst stated that Bitcoin has already confirmed a move above the 10-day moving average. He added that given that the monthly Bitcoin candle closed above this level, this recent rally could be similar to 2015 and 2019.
“This could be the most important month in 2023. The closing of the monthly candle above the MA10 has confirmed the start of a new uptrend in 2015 and 2019. Bitcoin is now back above the MA10. “This month will determine whether Bitcoin starts a new rally.”
Notably, in the case of Bitcoin, a close above the 10 MA line indicates that the digital currency is experiencing an uptrend and could be in the early stages of an uptrend.
This is especially important for Bitcoin, as the asset experienced a significant price drop in 2022.
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Bitcoin Bullish Indicators
By examining the indicators, it is clear that Bitcoin has shown possible signs of breaking the downward trend. For example, Bitcoin recently confirmed the Golden Cross trading pattern that last appeared on the chart before the bullish periods of 2020 and 2021.
After gaining around 40% since the start of the year, Bitcoin seems to have taken a bumpy ride over the past week, reflecting general investor skepticism about the surprise rally.
In total, Bitcoin’s rally helped the market add about $300 billion to its market cap in 2023 and reclaim a $1 trillion market cap.
Overall, Bitcoin is looking for a positive catalyst from the macroeconomic factors that pressured the market in 2022. Risky assets such as Bitcoin will likely react positively following a decline in inflation – a sign of a possible easing of interest rate hikes.
However, despite the potential bullish drivers, Bitcoin faces uncertainty as the largest digital currency has yet to consolidate above $23,000 – a level that has emerged as significant resistance recently.
Bitcoin price analysis
With Bitcoin correcting less than 0.5% on the daily and weekly charts, the asset is currently trading at $22,680.
The one-day asset gauges on TradingView are largely bullish – total gauges and moving averages are bullish at 11 and 10, respectively. Oscillators are in a neutral position and number 8.
Finally, with Bitcoin correcting in the short term, the asset remains dominated by bullish sentiment, tipping the scales towards further price gains.