Bitcoin February 2019 Price Analysis: BTC on Track to Register First Upward Month in Last 6 Months
Bitcoin seems to be moving towards a new positive month in February 2019. The last month in which Bitcoin (BTC) registered a positive growth was back in July 2018.
The cryptocurrency trader Josh Rager says that if the price of the most popular virtual currency remains above $3,414 by the end of February, Bitcoin will be registering a new green monthly candle.
The trader wrote that a few days ago on the social network Twitter.
$BTC Monthly Chart
Bitcoin is working on its first green monthly candle since July 2018
The past 6 months Bitcoin has seen red on monthly, a break and close below $3413 will continue the red monthly trend pic.twitter.com/RLLi5N02BB
— Josh Rager 📈 (@Josh_Rager) February 16, 2019
Bitcoin fell from $20,000 back in December 2017, to $3,250 in December 2019. This represented a price decrease of more than 80%. However, other digital assets have fallen even further. Bitcoin will have to show that it is able to sustain the current prices or start to grow in the near future if it wants to register positive gains this month.
There are several experts in the market that believe that Bitcoin will start recovering during the last half of 2019. There are several fundamental and technical indicators that could eventually point toward a strong mid-term rally.
Some of the most bullish fundamentals are related to on-chain transactions and how they have been growing to the same levels as during the bull market in 2017. Additionally, the Lightning Network (LN) and SegWit (Segregated Witness) adoption continue to grow as well.
Mark Dow, a former International Monetary Fund (IMF) economist, explained that unless Bitcoin breaks out of the key resistance levels close to $5,000 and $6,000, it could experience a drop to new lows.
By growing in February, Bitcoin could start to register new months of growth in the future. The popular digital asset could gain momentum and start growing again. During the last few months and weeks, Bitcoin was traded in a very tight range between $3,250 and $4,100.
During a recent interview, Brian Kelly, the founder of the digital currency investment firm BKCM, Bitcoin could drop down to $1,500 before starting to grow again. However, he believes that Bitcoin is currently 50 percent undervalued.
At the time of writing this article, Bitcoin is being traded around $3,631 and it has a market capitalization of $63.71 billion.