The flagship cryptocurrency, Bitcoinappears to be at a crossroads as trading remains flat, indecisive on whether it will move down or up. Commenting on this current price action, crypto analyst Eric Krown Crypto reveals key factors that will determine Bitcoin’s next move.
Bitcoin “abroad”
In a video posted on his YouTube channel, Eric Krown used the Stochastic indicator to analyze the current price of Bitcoin and predict which direction the crypto token was likely to go. Based on his analysis, Krown noted that the current stochastic level indicated a possible correction far too late for Bitcoin.
The analyst claimed that Bitcoin was likely to undergo a correction drop to the $30,000 range, marking the $28,000 price point as the “worst-case scenario.” Meanwhile, he noted that the five-day HPDR bands still showed the median at around $44,500. As such, he expects that BTC could still see a move towards that $45,000 price level in the near term.
Krown believes that Bitcoin stay below $46,000 means the correction is likely to happen at some point, suggesting Bitcoin could end February in the red. However, a move above $46,000 will validate a move to the upside, with the crypto token likely to rise above $50,000 and climb to $53,000, the analyst claimed.
BTC follows history or defies expectations?
Krown also alluded to it historical data to prove that Bitcoin’s monthly closing price was imminent. He stated that Bitcoin was usually in the green for an average of three consecutive months before experiencing a red month. The longest number of months Bitcoin has gone in the green would be seven.
Therefore, he suggested that it was not out of place for February to be a red month for the flagship crypto token as it ended every month in the green. since September. Those gains were largely due to excitement over the possible approval of the Discover Bitcoin ETFs.
Bitcoin has continued to do that lately defy expectations, and there is a possibility that February could still be a bullish month for BTC. Interesting enough, facts from Coinglass shows that February (alongside October) is the most bullish month for the flagship crypto token, with Bitcoin closing February in the red only twice.
At the time of writing, Bitcoin is back above $43,000, having risen in the past 24 hours. facts from CoinMarketCap.
BTC price trending at $43,100 | Source: BTCUSD on Tradingview.com
Featured image of Milk Road, chart from Tradingview.com
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