The price of bitcoin had already dropped significantly in 2022 before the abrupt failure of the trading site FTX last month. After a lackluster 2022, all eyes are on Bitcoin as it enters 2023 with high expectations. As noted by expert Daan Crypto, January has historically not been Bitcoin’s “best month.” The analyst supported his claim with data, stating that 60% of the months since 2013 had resulted in a negative return.
However, he also revealed that February has been BTC’s best ‘returning’ month. He said, “Besides that, February has been one of $BTC’s best returning months. Keep in mind that this data is not a reliable indicator for future returns. Use in confluence.”
As for Bitcoin price prediction, the analyst said that BTC had returned to the “Christmas Range” between $16.7-16.9K. He said that all eyes are on the $16.9-17K area which has been rejecting prices for some time now.
While Bitcoin is consolidating, crypto analyst Ali Martinez thinks the trend’s direction may be determined by a move outside between $16,000 and $17,000. According to on-chain statistics from IntoTheBlock, there are two big supply roadblocks at $16,600 and $17,000, respectively, where 1.46 million addresses hold 915,000 and 730,000 bitcoins, respectively.