Key Points
The Bitcoin price has surged to $60,000, making this February one of the most profitable in Bitcoin’s history, according to data from Coinglass.
Bitcoin’s February Performance
This February has been extremely successful for Bitcoin, marking the best February for the cryptocurrency in over a decade.
Coinglass data reveals that Bitcoin’s price has risen by approximately 39% this month.
This is in comparison to Bitcoin’s performance in the same month over the past 10 years.
February 2013 holds the record for the highest return, with a 61.77% return for the month.
In February 2021, the monthly returns reached 36.78%, which was the second-highest until February 2024.
However, Bitcoin typically performs well in February, as the month has seen more green closes compared to red since Bitcoin’s inception.
Examining the historical performance of Bitcoin in years when February ended in the green could provide insights into Bitcoin’s future trajectory.
For instance, in 2013, Bitcoin’s strong performance in February continued into March, which ended with a 172.76% return.
Similarly, in 2021, the high returns in February carried over into March, which ended with a 20.84% return.
These trends suggest that the current bull rally could continue.
However, it’s worth noting that not all successful Februaries lead to a bullish March.
For example, between 2015 and 2019, February ended in the green each year, but only in 2019 did the rally continue into March.
In the other years, Bitcoin’s price declined to varying degrees in March.
Nonetheless, Bitcoin’s performance in February does appear to influence its performance in March.
For instance, between 2015 and 2017, the average close for February was +20%, and the highest drawdown in the following month was 9%.
But when February ended with only a 0.47% gain, Bitcoin declined by 32.85% in March.
Therefore, while there’s a chance that March could be a red month for Bitcoin, its strong performance in February could help cushion any potential price drops.
