Bitcoin (BTC) price prediction for February: BTC charts point to a bullish cycle! Here are the critical support levels for Bitcoin...

The price of Bitcoin, the leading digital asset that started February 2024 with a sideways course, has once again risen above $43,000, an increase of over 2% in the last 24 hours. However, the market capitalization approached $850 billion, and BTC price charts entered a potential uptrend. In addition, Bitcoin Futures Open Interest (OI) increased by over 2% to $17.64 billion, raising optimism about the asset.

However, cryptocurrency analyst Jake Wujastyk explained that an inverted head and shoulders pattern has formed on the BTC candlestick chart. This pattern is usually considered a bullish sign for the market, signaling the start of a new uptrend after a decline. These positive developments, as well as the optimistic mood created by the upcoming Bitcoin halving event, paint a very positive picture for BTC in February.

What does the Bitcoin bullish pattern mean?

An inverted head-and-shoulders pattern indicates bullish post-decline and shows strong support and resistance. Bitcoin price has closed above the critical support $43,000 again in the last 24 hours. This level indicates that buyers are taking control and can push the leading digital asset to higher levels in the short term.

One analyst who supports this view is MikybullCrypto. Bitcoin's price is expected to reach $50,000 before facing a significant correction, the famous cryptocurrency analyst said. Analyst's forecast; Past market cycles are supported by macro corrections and pre-halving expectations globally. Historical market cycles, in particular, can herald a new bull run.

Expected price range for BTC in February

Explaining his predictions about Bitcoin in his recent X posts, cryptocurrency analyst MikybullCrypto discussed current market scenarios from Bitcoin patterns to investor psychology. The analyst pointed to an inverted H&S bullish pattern on the intraday chart for BTC.

A look at Bitcoin's monthly chart shows a pattern called a doji, which indicates that investors are unsure of what to do. While the Doji pattern tells us that the opening and closing prices are very close, it also indicates indecision in the market.

Source: XAnalist At this point, he switched to the Supertrend indicator, which is a reliable tool for many, and this indicator indicates bearish territory. He stated that the most important factor contributing to this bearish trend was Bitcoin's failure to close above the critical $45,000 level on a monthly basis and its failure to achieve the expected success later this month.

Later in the analysis, MikybullCrypto discusses the Relative Strength Index (RSI).

"When you look at the chart above, you'll notice that in the pre-halving period, the RSI usually hits 67 levels before the macro correction. Be sure to bookmark this topic for possible reference."

Emphasizing historical patterns with this post, MikybullCrypto explains the impact of stop ETFs being launched at the beginning of the 4th halving period. He says that Bitcoin could reach the $50,000 threshold before undergoing a significant correction.

Captain Faibik and MikybullCrypto announce critical levels for BTC!

The analyst's forecasts do not end there and explain his expectations for February and March. He claims that a rise in February will be followed by a potential correction in March. The BTC, which is currently in a consolidation phase, is waiting for key moves. The analyst cites crypto analyst MortensenBach's BTC seasonality chart as an example for the correction he expects in March.

Two critical levels are projected for the leading cryptocurrency. The analyst, who does not give any date for these, explains that the $44,000 and $41,000 levels are very important for BTC. A hold above these levels will form the base for the asset's next high.

Source: XWhen this view, Bitcoin could reach $57,000 in mid-April, according to crypto analyst Captain Faibik. Prior to that, a brief consolidation between $40,000 and $45,000 is expected, close to the ranges indicated by MikybullCrypto.

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