I’ve talked about this a bit here previously, and so far from what data at hand, the trend shows that February has generally been a decent month for Bitcoin in recent years.
As it gathered more popularity, seasonal trends start to be more consistent and in the last three years we’ve seen Bitcoin gain in the month of February.
A lot of cryptocurrency enthusiasts have blamed the January drop as a recurring theme as people cash out on their cryptocurrency holdings prior to the Chinese Lunar New Year – in order to travel and buy gifts. But is that reason justifiable for Bitcoin falling by the most in a month in over three years?
In my view, sentiment for cryptocurrencies lately hasn’t been good – in particular due to all the negativity in the media coverage regarding regulations, theft, skepticism – and surely that plays a part into things as well. I’ve said it before, the fascinating thing about cryptocurrencies is that it is a “game” of human psychology/behaviour too – and that is something that is tough to build an opinion around.
Either way, the seasonal play is off to a decent start as Bitcoin prices are up almost 2% today back above $10,000. Let’s see how the rest of the month plays out.