Photographer: Luke MacGregor/Bloomberg
Bitcoin is likely heading higher. Below, we see the price cycle projections across three time frames followed by the seasonal chart. Note that the daily cycle has already bottomed. Eleven of the last fourteen buy signals have been profitable. The weekly and monthly cycles do likewise in the coming week. The monthly histogram in chart four is based upon limited data, eight years. However, it does confirm the bottoming cycles in that bitcoin has entered into a period of favorable seasonality. In seven of the last eight Februarys, price has risen. The period from the 5th through the 20th has been the most bullish interval in this favorable month. Price is likely to rally to the $51,000 level which is a 50% retracement of the prior decline.
Bitcoin Daily Cycle
The daily cycle has bottomed.
Bitcoin Weekly Cycle
The weekly cycle bottoms on the 12th.
Bitcoin Monthly Cycle
The monthly cycle also bottoms on the 12th.
Bitcoin Seasonality
February has been a strong month for price.
Source: https://www.forbes.com/sites/greatspeculations/2022/02/06/buy-bitcoin-now/