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Bitcoin hits 2-year high, traders expect more gains in February

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Bitcoin hits 2-year high, traders expect more gains in February

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Bitcoin (BTC) rose to a two-year high of $51,440 earlier on Feb.15. Given this bullish momentum and the favorable macroeconomic conditions, what price could Bitcoin reach in February?

Bitcoin soars past $1 trillion market cap

The BTC spike above $51,000 also saw the network’s market cap break above $1 trillion.

This milestone comes as daily spot trading volumes continue increasing – with over $40 billion in BTC exchanging hands in the past 24 hours.

Although crucial indicators like the Relative Strength Index (RSI) signal an overbought market, momentum remains positive.

Short-term support lies around $48,500, with some Bitcoin bulls seeing $60,000 as the next major milestone if bullish momentum persists.

Bitcoin hits 2-year high, traders expect more gains in February - 1

Meanwhile, crypto whale movements are accelerating and catching the investment community’s attention.

According to the Whale Alert X page, a Bitcoin transfer worth over $60 million from Coinbase was initiated on Feb. 14.

Crypto community members believe this suggests high-net-worth investors are accumulating BTC at current levels – a bullish signal.

February shaping up as a bullish month ahead of Bitcoin halving

With Bitcoin blasting higher in recent weeks, analysts and traders are growing increasingly optimistic about just how high the coin can climb in February.

If momentum continues, prominent analysts like DustyBC Crypto see $60,000 as the next target.

Additionally, Jays_Strategies4U believes Bitcoin could rally to $52,000 soon before rising to $60,000.

Unbr0kenOG also highlighted that over 82% of Bitcoin wallets hold less than $1,000 worth of the coin – demonstrating how early it is in the adoption curve.

Bitcoin hits 2-year high, traders expect more gains in February - 2

This metric suggests that tremendous upside potential remains as institutional and retail adoption grows globally.

However, although the path of least resistance is to the upside, investors must be wary of a correction.

Bitcoin has historically pulled back by 5-10% from local peaks before resuming rallies, so profit-taking could see the price dip back to test support at $48,500 in the near term.

Regardless, February looks to be a bullish month for Bitcoin – setting the stage perfectly for the halving event in April.

As Bitcoin leads the way, bullish sentiment is spilling over to altcoins.

Bitcoin Minetrix, a cloud mining platform aiming to make BTC mining easy and accessible for all, is already catching investor attention.

Bitcoin Minetrix presale rockets to $10.8 million

Bitcoin Minetrix is popular due to its “stake-to-mine” approach.

Through this model, Bitcoin Minetrix tokenizes hash power, giving miners more control than if they were to partner with third-party cloud mining firms.

According to the project’s whitepaper, users simply need to stake BTCMTX, the native token, to generate mining credits, which can be burned for cloud mining time.

Bitcoin hits 2-year high, traders expect more gains in February - 3

As such, everyday investors can create a pathway to recurring BTC rewards without buying expensive hardware.

Bitcoin Minetrix has also been praised for its secondary staking protocol, which rewards BTCMTX stakers with more tokens over time.

Yields for this staking protocol currently sit at 63% per year – and more than 666 million BTCMTX tokens have been pledged already.

The project’s ongoing presale phase has been a resounding success, raising $10.8 million in funding so far.

Bitcoin hits 2-year high, traders expect more gains in February - 4

During the presale, early investors can buy BTCMTX tokens for $0.0134, which is expected to be a discount on the eventual exchange listing price.

The presale’s success, combined with Bitcoin Minetrix’s feature set, has led to the project gaining media coverage from top-tier publications like crypto.news and others.

With Bitcoin’s price surging and the altcoin market also seeing growth, Bitcoin Minetrix appears well-positioned to benefit from these industry tailwinds.

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.