Bitcoin up by 11%. Will We See Further Increase Throughout February?

Twitter is buzzing  with traders calling out Bitcoin non-believers. Most users recall how many predicted $20k BTC and the top coin is currently above $40k. One of the most interesting conversations was between the Schiffs.

Peter Schiff inadvertently encouraged investors to invest in the largest digital asset, which was met with various reactions. One of these responses was from Spencer, who told the Strategist that he just bought more.

Attention #Bitcoin buyers: This could be your last chance to buy Bitcoin above $40,000. So hurry up and buy those high-priced Sats while supplies last.

Peter Schiff (@Peterschiff) February 4 2022

The largest cryptocurrency by market cap got extra nods from the third richest man in Mexico as he advised that a few SATs could change lives. U.S. senator Ted Cruz, in his latest filing, revealed he stocked up on some SATs. News of more ventures accepting bitcoin or applying it to other usecases are flooding news feeds. This may be an indication that we are heading into a bullish market.

BTC had its biggest hike since February 2021 during the previous intraday session, as it gained more than 11%. As per reports from Coinglass, a total of $244 million worth of short positions have been liquidated over the last 24 hours.

This breakout has lightened the mood of the bulls as they look forward to further increases. Will this happen? Let’s consider some factors

Records

The second month of the year is the most profitable in the first quarter. The highest the apex coin gained during this period under consideration is 87.6% while lost 26.8% – the highest loss.

We also observed that of the eleven Februarys, nine came out positive as bitcoin recorded significant gains. On average, the largest coin by market cap increases by more than 15.2% every second month of the year.

With this in mind, we may expect BTC to continue its uptrend. How high will it surge? Going by the average, the firstborn cryptocurrency may experience a 10%-15% hike over the next 24 days.

Market Sentiment

As previously mentioned, the surge above $40,000 is thrilling and as a result, market conditions are gradually improving. One metric that reflects this development is the Fear and Greed Index. The index reading has been surfing between 29 and 10 for most parts of the past 30 days.

Source: Alternative

Currently at 33, the indicator suggests that the market will be leaving the region that shows fear soon. With stories of more adoptions and media personalities stocking up on the assets, the metric is set to see more improvements.

In Coming Days

Bitcoin is set to topple the $42k resistance this week provided the trend of hikes over the weekend persists. The asset is currently trading above its pivot point, which is an indication that the apex cryptocurrency is bullish.

In the coming days, we may see BTC test the first pivot resistance at $46,600. However, the top coin may face intense selling pressure at $44k. Being unable to surge past this mark since January 7, intense buying pressure may be needed to break the $44k resistance.

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