Bitcoin Golden Cross Ahead – Can BTC Price Surge More Than 100% in Feb?
Ever since the year started, Bitcoin has been making some pretty good price movements. The king crypto has increased by a whopping 39% in the past 30 days.
This impressive action has sparked enthusiasm among traders and investors alike, and this month is on its way to becoming the best one Bitcoin (BTC) has had in a decade.
Best January in a Decade
The last time BTC had a better price movement in January is 2013 when it rose by 43% in just four weeks.
Bitcoin investors have seen negative returns in January six times out of the previous ten years, while on the other four occasions, they have seen double-digit marked increases. None was, of course, as good as this one.
Bitcoin’s price action appears to be setting up for a continuation of its recent climb from a technical point of view as well. As can be seen in its chart, a golden cross is very close to forming on the daily time frame, which is a bullish omen for the market.
After a prolonged period of Fear and Extreme Fear, the widely followed Bitcoin Fear & Greed Index just went back into the neutral zone (that is, above 50) for the first time after moving back and forth between Extreme Fear and Fear for quite some time.
The start of the subsequent Bitcoin bull market is typically when a sustainable rebound back into neutral occurs, like at the beginning of 2019 and then once more in the middle of 2020.
The entire crypto market is on a surge. The recent increase in cryptocurrency prices can be linked to the possibility that interest rate hikes will no longer be implemented. The fact that riskier investments, such as cryptocurrency, have been less appealing over the course of the past year as a result of increased interest rates makes the likelihood that they will fall down an incentive to invest.