Bitcoin (BTC) Price Prediction And Analysis In February 2020

Today, we will be examining the trading history and market opinions of BTC, so that we can project a Bitcoin price prediction for February 2020.

Bitcoin Overview

Bitcoin is the number one crypto according to a market cap of $170.657.345.667 and a trading price of $9.381,08. There are currently 18.191.650 BTC in circulation out of a total of 21.000.000 BTC. $32.502.259.575 worth of Bitcoins has been traded in the last 24 hours.

Bitcoin Price Prediction: Analysis

The last half of January has proven to be very bullish for Bitcoin. From January 26^th to January 29^th, it saw a continuous bullish movement, but then there was a slight correction. On January 28^th, the price went up from $8,890 to $9,401, and then the price corrected itself to $9,330.45 in the early hours of January 29^th.

On January 30^th, Bitcoin surged over the $9,400 top resistance levels that have been for the last few days even went over $9,500 for a brief period of time, peaking at $9,553, the highest value BTC had in the past three months. Bitcoin hasn’t reached this price since the first week of November 2019.

January 31th, Bitcoin lost its gains overnight, going back to $9,300 after a -3% drop. It is expected that the bullish action we saw at the beginning of the week will lose its momentum in the following days, with prices likely to close the week in the red.

If the coin goes below the $9,200 support, then a bearish movement might start again with a series of corrections. However, the bullish sentiment is still strong in buyers, so there is still hope for an upswing in price.

The current pivot, resistance, and support levels calculated by WalletInvestor are:

• Resistance Level (R3): 9948.187
• Resistance Level (R2): 9749.563
• Resistance Level (R1): 9628.937
• Pivot Point: 9430.313
• Support Level (S1): 9309.687
• Support Level (S2): 9111.063
• Support Level (S3): 8990.437

Developments

Twitter and Square CEO Jack Dorsey has recently announced that he is developing solutions to boost Bitcoin’s capacity. The Square Crypto team announced that they were amidst creating a Lightning Development Kit (LDK). Lightning is a layer-two solution that works on top of the Bitcoin network, developed to enhance the speed and lower the fees of BTC transactions.

Bloomberg Intelligence Mike McGlone stated this week that “The bitcoin bid, fueled by declining equity prices amid coronavirus concerns, is indicative of crypto’s growing acceptance as a risk-off diversifier,” projecting that further drops in equity could be good prove beneficial to Bitcoin.

Bitcoin Price Prediction: Market Opinion for February 2020

Various sites have made their own Bitcoin price prediction for February 2020, so we decided to incorporate some of the most relevant ones to better portray market sentiment.

Longforecast

Longforecast predicted that BTC will be trading at $9,465 at the start of February. The site expects that the maximum price would be around $11,880, while the minimum price set near $8,933. The month’s average price was calculated at around $10,313. The closing price of the month was projected at $10,972, change for February 15.9%.

Digitalcoinprice

Digitalcoinprice made a very optimistic Bitcoin price prediction for February, expecting the coin to trade at $22,456.55, which represents a growth of 140.35 %.

Tradingbeasts

Tradingbeasts estimated that BTC would be trading at $8,347.968 by the beginning of February 2020. The site forecasted that the maximum price is $10,434.545, while the minimum price is $7,095.491. The Bitcoin price prediction for February’s closing price is $8,347.636.

Coinpredictor

Coinpredictor expects Bitcoin to have a 22.6% decline in February, which would bring BTC to a value of $7,137.53.

WalletInvestor

WalletInvestor made predictions for the first ten days of February, along with the minimum and maximum values of each particular day.

Gov.capital

Gov.capital estimated that Bitcoin would be trading at $9,335.730 at the start of February, with a maximum price of $10,736.0895 and a minimum price of $7,935.3705. Below are the rest of the predictions for all the days in February.

The site expects BTC to close the month at an average price of $10,133.20, with the least possible price of $8,613.22, and the best possible price of $11,653.18.

Cryptorating

Cryptorating estimated that BTC would have a price of $9,498.53, with a change of 1.64% at the start of February. The site projects that BTC will close the month at $14,955.64, which signifies an increase of 60.03%.

Cryptoground

Cryptoground estimated that BTC would be trading at $9,704.9850 with an increase of 3.76% at the start of February, and expects the coin to close the month at $9,958.7250, with an increase of 6.47%.

30rates

30rates made a Bitcoin price prediction for every day of February (except weekends), with the minimum, maximum, and closing prices for each day.

• February, 3: minimum price $8994, maximum $10348, and closing price $9671;
• February, 4: minimum price $8933, maximum $10277, and closing price $9605;
• February, 5: minimum price $9200, maximum $10586, and closing price $9893;
• February, 6: minimum price $9627, maximum $11077, and closing price $10352;
• February, 7: minimum price $10020, maximum $11528, and closing price $10774;
• February, 10: minimum price $10027, maximum $11537, and closing price $10782;
• February, 11: minimum price $9918, maximum $11410, and closing price $10664;
• February, 12: minimum price $9635, maximum $11085, and closing price $10360;
• February, 13: minimum price $9544, maximum $10980, and closing price $10262;
• February, 14: minimum price $9659, maximum $11113, and closing price $10386;
• February, 17: minimum price $9609, maximum $11055, and closing price $10332;
• February, 18: minimum price $9293, maximum $10691, and closing price $9992;
• February, 19: minimum price $9293, maximum $10693, and closing price $9993;
• February, 20: minimum price $9594, maximum $11038, and closing price $10316;
• February, 21: minimum price $9522, maximum $10956, and closing price $10239;
• February, 24: minimum price $9493, maximum $10923, and closing price $10208;
• February, 25: minimum price $10075, maximum $11591, and closing price $10833;
• February, 26: minimum price $10221, maximum $11759, and closing price $10990;
• February, 27: minimum price $10326, maximum $11880, and closing price $11103;
• February, 28: minimum price $10204, maximum $11740, and closing price $10972.

Bitcoin Price Prediction: Verdict

With this, we conclude our Bitcoin price prediction for February 2020. We hope that the information we provided will be of help to you in your future BTC trading endeavors.

Featured Image: criptotendencia.com