Bitcoin (BTC) appears to be doing well, attempting to put aside the uncertainty that emanates from renewed regulatory scrutiny over the crypto sector. Indeed, the uncertainty appeared to invalidate 2023’s gains as the asset faced heightened threats to retest $20,000.
However, the flagship crypto aims to hold firmly above $25,000, a position that remains in focus ahead of the upcoming week of February 20-27. Based on the historical data and recent price movement of the asset, investors can expect possible good fortunes for the asset in the coming days.
In particular, the historical data shared by the Bitcoin analyst under the handle Twitter StockmoneyL noted that Bitcoin probably formed a base for the next stage. According to the analysis, Bitcoin has historically rebounded after suffering a capitulation stage.
The capitulation took place after recording a spike in its price. Between the two stages, Bitcoin experienced ups and downs in its price trajectory. In this line, the 2022 bear market formed Bitcoin’s last level of capitulation, and the 2023 gains point to a possible rally.
Based on StockmoneyL analysis, a popular Bitcoin commentator under the pseudonym bitcoin archive on Twitter pointed out that the price movement of the first cryptocurrency in 2023 replicates the trajectory of 2019. Notably, after forming a neckline in early 2019, the position formed the basis culminating with the rally of Bitcoin to the market 2021 bullish.
bitcoin price analysis
As things stand, Bitcoin failed to hold above $25,000 after briefly recovering the level on Feb. 19. At press time, Bitcoin was valued at $24,730 with daily gains of around 0.4%. However, on the weekly chart, Bitcoin is up more than 10%.
Meanwhile, Bitcoin continues to express bullish sentiment on the technical analysis front, with one-day gauges on TradingView recommending asset accumulation. A summary of the gauges means “buy” at 15, while the moving averages correspond to “strong buy” sentiment at 13.
What future for Bitcoin?
With Bitcoin hinting at a bullish future, the current sentiment for the asset remains uncertain, especially the inability to hold above $25,000.
While looking at Bitcoin’s potential in the coming days, it’s worth pointing out that the asset trading at $25,000 marked an eight-month high as investors flocked to risky digital assets, despite regulatory pressure.
At the same time, economic indicators suggested that the Federal Reserve could raise interest rates, and Bitcoin continued to gain momentum to hold above $24,000. Additionally, Bitcoin appears to be benefiting as the US Dollar has experienced a slight decline, leading author Robert Kiyosaki to predict that BTC could be valued at $500,000 by 2025.
While Bitcoin is on Finbold’s list of cryptocurrencies to watch for the week of February 20, other technical indicators show that the asset has reached the bull market.
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