The end of February is near and Bitcoin prices have been acting really crazy!
The 24-hour volume in recent weeks have more than proved how many new investors there are on the scene.
(source:https://coinmarketcap.com/currencies/bitcoin/)
Much of this volume probably has a lot to do with the fear of missing out on the upcoming halving (or halvening as some people started to call it 🤷♀️)
The new high prices of bitcoin that just occurred could not have gone on for long. Ending this month at 10k would have made March a pretty nasty bearish month. The price ending in the 9k+ range would have also made the market act funky.
As we look at the end of February here we are sitting around $8.5k USD and with only one more day left in February. That is likely going to be what we need to end the month here in order to start March out on the right foot.
Oddly enough though, the price of Bitcoin is actually far less than what modern Artificial Intelligence readings guessed. After all, AI probably wasn't able to guess that the Coronvirus was going to change things for all Global Markets whether you argue that point or not. It is a fact that this did contribute to the overall price dip.
However...
This is a leap year, that has proved bullish so far, and has attracted a lot of new hands in the market. Leap day is February 29th, 2020 which is tomorrow and I can't help but predict some sort of significant price action.
The point I am trying to make is that Leap Day might symbolize a leap in the price of Bitcoin. Although it may not be a leap up to $10k USD it could be a pretty significant leap for those of us looking to make some quick trades.
A significant leap from the current price of $8600 would see a jump of at least 5% meaning the price of Bitcoin would peak at around $9030 USD. If you are a little more hopeful for leap day a 7% increase would put us at a peak of $9202 USD and an increase of 10% would see a Bitcoin price at around $9460 USD.
Now, this doesn't mean the month will end at these numbers at all. All this simply means is that a quick pump up to these numbers is likely to happen at some point during leap day hours. Only for it to fall shorty thereafter back below $9k USD.
Ending the month below $9000 is far more likely now that we have seen recent activity leading up to this point. This is probably also a good idea to point out that we probably won't end February with a price of anything less than $8000 USD also.
If we were to go ahead and lose 5% tomorrow instead of gain, a bottom dip of around $8100 USD would occur. The price of Bitcoin would need to dip below 7% and stay for us to end the month at around 7.9k USD. Not unlikely but after how things have moved this week. Everyone is very confident that a bottom has already been reached.
Entering March a $7k price does seem very possible as things kick-off but with the price already so low and oversold. The likelihood of that price staying for long would dwindle very quickly as people stock up for the end of May. Additionally, this is typically the month where most people get back tax refunds and reassess their investment portfolios.
By the time St. Patty's day rolls around we should be back in the 9k or even 10k range!
Good luck out there hodlers and thank you tons for reading!
