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Bitcoin (BTC) experienced an anticipated rise of approximately 3% on February 8, which could indicate a move towards a target of $44,700.
Bitcoin’s Consolidation Phase
The leading cryptocurrency, Bitcoin, climbed to $44,766 on Bitstamp following the daily close on February 7, reaching nearly the highest level in a month. This move marked some progress in the easing around BTC/USD since mid-January. Michael van de Poppe, founder and CEO of MN Trading, said in his latest analysis:
I think we’ll reach $48-51k before the halving and correct a bit more for consolidation.
Van de Poppe referred to the short-term BTC price timeline that is expected to culminate with the block subsidy halving event around April 17. JA Maartunn, a contributor to the on-chain analysis platform CryptoQuant, examined what led to the recent rise and warned that it might be short-lived. The analyst stated:
Open interest increased by +$982 million in less than 24 hours. If the price remains stable, this is manageable, but prepare for volatility if it reverses.
Expert Opinions on BTC
Significant increases in open positions have been responsible for BTC’s sudden price movements in the past, including the rise that started from $28,000 in October. Financial commentator Tedtalksmacro highlighted an increase in bid liquidity as a development that could help prevent any sudden reversals in the market, countering the decreasing sell pressure.
Former BitMEX CEO Arthur Hayes also reiterated his belief in very high Bitcoin prices this week, attributing it to different reasons, particularly the resurgence of instability in the regional banking sector in the United States. James Van Straten, research and data analyst at crypto analytics firm CryptoSlate, finally said:
Around this time last year, just after the banking crisis, I said Bitcoin was about to start a bull market.
