With its worth rising to $60,000 during the last day, February has turned out to be fairly the bullish month for the Bitcoin price. According to data from Coinglass, this inexperienced month has seen the emergence of the second most worthwhile February within the historical past of Bitcoin.
February Brings Glad Tidings For Bitcoin
The efficiency of Bitcoin in February has led to a extremely profitable inexperienced month, and the very best February for the cryptocurrency in over a decade. Looking at information from Coinglass, it reveals the price of Bitcoin is up round 39% this month. Compared to the efficiency of Bitcoin in the identical month within the final 10 years.
February 2013 nonetheless holds the document for the best return, with a 61.77% return for the month. Then, in February 2021, the month-to-month returns would attain 36.78%, which was the second-highest till February 2024. However, ending in inexperienced for February is just not out of the extraordinary because the month has seen extra inexperienced closes in comparison with purple since Bitcoin was launched.
BTC month-to-month returns | Source: Coinglass
Looking on the historic efficiency of years when February closed out in inexperienced, it might paint an image of the place the price of Bitcoin is headed subsequent. Going again to 2013, the outperformance in February carried on into March, which outperformed February by a mile. March 2013 ended with a 172.76% return, and the entire of that 12 months was characterised by a formidable efficiency from Bitcoin.
Then once more, in 2021 when the month of February ended with excessive returns, it carried on into the month of March as properly, ending with a 20.84% return. Using the development from each of those months, which proceeded by February, closing with excessive returns, it might level to a continuation of the bull rally from right here.
Not All Glad Tidings For BTC In March
While the months of February ending on a excessive be aware for Bitcoin have seen an equally bullish month of March comply with, it’s not all the time the case. For instance, between the years 2015 and 2019, February closed within the inexperienced for each. However, solely in 2019 did the rally proceed in March, whereas the remaining all noticed BTC’s worth decline in various levels.
However, it appears the efficiency in February does have a bearing on how issues do prove in March. For the months which had been adopted by a decline in worth, the development is that the higher Bitcoin performed in February, the higher it held up in March.
Between 2015 and 2017, the months of February ended with a mean shut of +20%, whereas the best drawdown within the subsequent month was 9%. But when the month of February ended with meager positive factors of 0.47% in February, the month of March that adopted noticed Bitcoin decline 32.85%.
So, whereas there’s a chance that March might find yourself being a purple month for Bitcoin, its outperformance in February might function a cushion to present the worth a softer touchdown.
BTC worth breaks above $60,000 | Source: BTCUSD on Tradingview.com
Featured picture from Peakpx, chart from Tradingview.com
