History shows that January is a rather negative month for bitcoin in terms of price performance. The 2022 edition also didn’t go well as it turned out to be the third worst January in the past decade with a drop of nearly 17%. January 2022 Ended With Substantial Retracement Since mid-November, when the entire crypto landscape looked very optimistic on the waves of the first-ever Bitcoin futures ETF launched in the US, the market has been in a downward spiral. For example, BTC hit a record high of $69,000 after recovering from the slump of mid-2021. But as the hype surrounding the SEC’s approval began to fade, the asset began to tank. Thus, it ended the year more than $20,000 lower than its peak a month and a half ago and failed to live up to all the bullish predictions from crypto insiders and outsiders who predicted a $100,000 price tag. January did not start well. Bitcoin fell by a few thousand dollars and was below $45,000 for a few weeks before going straight down in the middle of the month. It plummeted more than $10,000 in less than a week and fell below $33,000, marking its lowest price point since late July. Although the asset recovered about $5,000 in the following week, it still ended January with a precipitous drop of 16.68%, according to data from Coinglass. It was not until January 2015 and 2018 that the cryptocurrency recorded larger price losses, at 33.05% and 25.41% respectively. Bitcoin price performance per month. Source: Coinglass Will February be better? As the chart above shows, January is typically a bloody month for bitcoin, with a few exceptions. February, on the other hand, is significantly more positive, which has kick-started the community. And the start of the month is heading in that direction as bitcoin tapped $39,000 for the first time in ten days. Although it was initially forcibly rebuffed, it went back on the offensive and is currently back around that level. History shows that February 2013 was the most successful second month of the year for BTC, with an increase of more than 60%. Last year was also impressive, with BTC contributing over 35% in those 28 days. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees.
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