After starting the week with a red Monday, Bitcoin (BTC) has recovered the $100,000 zone, registering a 4% recovery from yesterdays lows. Following its recovery, some crypto analysts suggested that BTC could be getting ready for a February pump.
On Monday, the crypto market suffered a shakeout generated by the broader sell-off ignited by DeepSeeks Artificial Intelligence (AI) news. Altcoins like Ethereum (ETH) and Solana (SOL) fell 8.4% and 15%, respectively, while Bitcoin dropped 5%.
The flagship cryptocurrency fell below the $100,000 mark for the first time in over a week, dipping to $98,000 on Monday. However, it has experienced a strong rebound, recovering the crucial support zone as the day ended.
After surging to $102,000 on Tuesday morning, Bitcoin has been unable to reclaim $103,000, moving sideways within the $102,000-$102,990 price range throughout the day.
Trader Daan Crypto noted that Bitcoin continued moving in the mid-zone of its post-election range despite the drop. Right back into the high-volume area within this range. Doesn’t seem like the $100K mark is left behind so easily just yet, he wrote.
Daan considers that as long as Bitcoin doesnt break below or above $90,000 or $108,000, the price will continue with its decent but choppy performance. However, he suggested that Bitcoin could have a better price action next month based on its historical performance.
The trader points out that February has been historically BTCs second-best month, only behind October. In the last 12 years, Bitcoin has seen a green performance during this month 10 times, registering up to 61% monthly return, according to CloinGlass data.
Similarly, Rekt Capital stated that in its post-halving years, Bitcoin saw a double-digit profit in February, with 61% in 2013, 23% in 2017, and 36% in 2021. The analysts added that 8 out of the past 12 February dating back to 2013 have produced double-digit upside.
Rekt Capital also considers that BTC is preparing for its next leg up. The analyst explained that Bitcoin completed its first post-halving Price Discovery Uptrend and first Price Discovery Uptrend Correction.
This suggests that BTC should be able to embark on its second Price Discovery Uptrend to new highs in the next two weeks. According to Rekt Capital, the second phase historically starts during week 16 of Bitcoins Parabolic Phase, with Bitcoin currently starting the 14th week.
In Week 14 of the 2017 cycle, Bitcoin was recovering from its first Price Discovery Correction only to make new highs in Week 16 In Week 14 of the 2021 cycle, Bitcoin was still just bottoming on its first Price Discovery Correction only to make new highs in Week 16, the analyst detailed.
As a result, Rekt Capital suggests investor Patienlly HODL for the next two weeks, as confirmation Of The 2nd Price Discovery Uptrend is set to start next month.
Moreover, Bitcoins Monday close above $101,200 developed a new early-stage Higher Low, which could see the price consolidate further here to as high as the Range High at $106,200 if it continues to hold above this level.