Bitcoin completes its highest monthly close in history, while February traditionally spawns double-digit BTC price gains.
Bitcoin has made history after BTC/USD achieved its first six-digit monthly close ever.
Bitcoin monthly close smashes records
Data from Cointelegraph Markets Pro and TradingView confirms that on Jan. 31, Bitcoin closed its latest monthly candle at $102,400 on Bitstamp.
The move came despite a last-minute BTC price drop due to macroeconomic volatility and gave bulls their first close above the $100,000 mark.
Risk assets tumbled during the Wall Street trading session after US President Donald Trump confirmed that tariffs on Canada, Mexico and China would come into existence on Feb. 1.
After initially rising, US stocks ended the day down, while sentiment suffered, per data from the traditional and crypto-based Fear & Greed Index.
Reacting, however, market commentators saw little reason for bearish posturing.
“At every 1% correction, panic and crash forecasts is not characteristics of a market top. IMO,” popular analyst Aksel Kibar wrote in a post on X.
“A market top is accompanied by euphoria, disbelief in even a short-term correction.”
Crypto trader, analyst and entrepreneur Michaël van de Poppe was equally confident in the longer-term picture.
“I shouldn’t worry about this news, ultimately it will lead to higher crypto prices anyways,” he told X followers.
Uploading the latest print of his popular yet controversial Stock-to-Flow model, pseudonymous analyst PlanB added a red-colored dot to the BTC/USD chart, signaling the most intense phase of the BTC price cycle was underway.
BTC price seen making “big move” in February
BTC/USD thus ended January up 9.3% — a mixed result compared to historical price behavior, per data from monitoring resource CoinGlass.
Related: Bitcoin retail sellers send $625M to Binance before 'first cycle top'
February, however, is well known as being traditionally one of Bitcoin’s best-performing months, with average gains of 14.4%. A repeat would see the next monthly close come in at around $117,000.
“This time, it’s a post-halving February as well, and every previous one saw major upside,” Fedor Matviiv, founder and CEO of crypto industry research and analytics platform CryptoRank, wrote on X while discussing the topic.
“If history is any indication, $BTC might be gearing up for a big move.”
Popular trader and analyst Rekt Capital noted that “8 out of the past 12 February's dating back to 2013 have produced double-digit upside.”
Another X post earlier in the week agreed that post-halving years produce strong February price performance.
BTC/USD gained 61%, 23% and 36% in 2013, 2017 and 2021, respectively.
