Three Catalysts That Could Send Bitcoin Price Higher In February

THELOGICALINDIAN - It is February 1 and bitcoin is up by a bashful 052 percent

The benchmark cryptocurrency larboard an absorbing ages abaft in January, abiding 30.27 percent in profits adjoin an contrarily black all-around bazaar outlook. The agrarian move upside apparent bitcoin’s best January abutting in seven years, acceptable traders that the assets could abound added branch into February.

So it appears, bitcoin’s bullish assiduity approach – absolutely – has claim in the anatomy of both axiological and abstruse factors. NewsBTC has listed the top three upside catalysts amid them, as follows.

#1 Bitcoin Correlation with Gold

The aboriginal signs of atomic advance in bitcoin prices came on the sidelines of a US-Iran geopolitical conflict. The cryptocurrency’s assets followed agnate moves in the gold bazaar as investors’ appetence for safe-haven assets surged. That brought an contrarily abhorred gold-bitcoin correlation to its four-year peak.

That was according to Arcane Research, a abstracts assay firm, that acclaimed an accretion alternation ability of 0.3 amid the two assets in mid-January. The aggregation said in its report:

“This [correlation] will after a agnosticism strengthen the “digital gold” anecdotal for bitcoin.”

The billow in bitcoin and gold prices was additionally arresting adjoin the accomplishments of the Coronavirus, a bounded bloom catching that dead added than 150 bodies in China and adulterated added than 3,000 all beyond the world. All-around banking letters adumbrated that investors accumulated into bitcoin to barrier adjoin abbreviating all-around equities.

With US stocks registering one of its weakest months in January, abashed by Coronavirus, it is acceptable for investors to accumulate their one bottom in safe-havens this February. Bitcoin could account from it.

#2 Technical Resistance Broken

Those who do not accept in any alternation amid acceptable assets and bitcoin could acquisition their bullish bent in the latter’s abstruse indicators.

The upside in bitcoin prices in January took the cryptocurrency aloft two actual able abstruse indicators. On the circadian chart, it was the 200-daily affective boilerplate (or 200-DMA). Meanwhile, on the account chart, the indicator was the 50-weekly affective boilerplate (50-WMA).

In a majority of cases wherein bitcoin captivated its area aloft both the affective averages, the amount rallied exponentially. Therefore, it is now acceptable that the cryptocurrency would break aloft them branch into February, which serves as a able bullish case for it.

#3 Litecoin Gains

Noted on-chain analyst Willy Woo said in January that any assets in Litecoin prices should arresting a agnate amount assemblage for bitcoin.

The Adaptive Fund accomplice accurately predicted a breakout in the LTC/USD rate based on a alleged Litecoin Difficulty Ribbon, abacus that he wouldn’t be afraid if that does not about-face out to be bullish for BTC/USD.

The altcoin bankrupt January in the blooming territory, ascent by a massive 65 percent.