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Bitcoin (BTC) Price Prediction and Analysis in February 2020

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Today, we will be examining the trading history and market opinions of BTC, so that we can project a Bitcoin price prediction for February 2020.

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Bitcoin Overview

Bitcoin is the number one crypto according to a market cap of $170.657.345.667 and a trading price of $9.381,08. There are currently 18.191.650 BTC in circulation out of a total of 21.000.000 BTC. $32.502.259.575 worth of Bitcoins has been traded in the last 24 hours.

Bitcoin Price Prediction: Analysis

The last half of January has proven to be very bullish for Bitcoin. From January 26th to January 29th, it saw a continuous bullish movement, but then there was a slight correction. On January 28th, the price went up from $8,890 to $9,401, and then the price corrected itself to $9,330.45 in the early hours of January 29th.

On January 30th, Bitcoin surged over the $9,400 top resistance levels that have been for the last few days even went over $9,500 for a brief period of time, peaking at $9,553, the highest value BTC had in the past three months. Bitcoin hasn’t reached this price since the first week of November 2019.

Source: learn2trade

January 31th, Bitcoin lost its gains overnight, going back to $9,300 after a -3% drop. It is expected that the bullish action we saw at the beginning of the week will lose its momentum in the following days, with prices likely to close the week in the red.

If the coin goes below the $9,200 support, then a bearish movement might start again with a series of corrections. However, the bullish sentiment is still strong in buyers, so there is still hope for an upswing in price.

Bitcoin Price Consolidates Close to Three-Month Highs
Source: investingcube

The current pivot, resistance, and support levels calculated by WalletInvestor are:

  • Resistance Level (R3): 9948.187
  • Resistance Level (R2): 9749.563
  • Resistance Level (R1): 9628.937
  • Pivot Point: 9430.313
  • Support Level (S1): 9309.687
  • Support Level (S2): 9111.063
  • Support Level (S3): 8990.437

Developments

Twitter and Square CEO Jack Dorsey has recently announced that he is developing solutions to boost Bitcoin’s capacity. The Square Crypto team announced that they were amidst creating a Lightning Development Kit (LDK). Lightning is a layer-two solution that works on top of the Bitcoin network, developed to enhance the speed and lower the fees of BTC transactions.

Bloomberg Intelligence Mike McGlone stated this week that “The bitcoin bid, fueled by declining equity prices amid coronavirus concerns, is indicative of crypto’s growing acceptance as a risk-off diversifier,” projecting that further drops in equity could be good prove beneficial to Bitcoin.

Bitcoin Price Prediction: Market Opinion for February 2020

Various sites have made their own Bitcoin price prediction for February 2020, so we decided to incorporate some of the most relevant ones to better portray market sentiment.

Longforecast

Longforecast predicted that BTC will be trading at $9,465 at the start of February. The site expects that the maximum price would be around $11,880, while the minimum price set near $8,933. The month’s average price was calculated at around $10,313. The closing price of the month was projected at $10,972, change for February 15.9%.

Digitalcoinprice

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Digitalcoinprice made a very optimistic Bitcoin price prediction for February, expecting the coin to trade at $22,456.55, which represents a growth of 140.35 %.

Tradingbeasts

Tradingbeasts estimated that BTC would be trading at $8,347.968 by the beginning of February 2020. The site forecasted that the maximum price is $10,434.545, while the minimum price is $7,095.491. The Bitcoin price prediction for February’s closing price is $8,347.636.

Coinpredictor

Coinpredictor expects Bitcoin to have a 22.6% decline in February, which would bring BTC to a value of $7,137.53.

WalletInvestor

WalletInvestor made predictions for the first ten days of February, along with the minimum and maximum values of each particular day.

DatePriceMin PriceMax Price
2020-02-01 9496.090 9202.710 9804.340
2020-02-02 9545.860 9240.380 9841.380
2020-02-03 9587.510 9281.010 9882.710
2020-02-04 9867.410 9575.960 10174.70
2020-02-05 10071.10 9763.020 10359.20
2020-02-06 9846.040 9552.500 10126.30
2020-02-07 9908.050 9622.050 10215.90
2020-02-08 9933.390 9633.100 10244.80
2020-02-09 9983.150 9664.080 10251.80
2020-02-10 10024.80 9761.740 10329.70

Gov.capital

Gov.capital estimated that Bitcoin would be trading at $9,335.730 at the start of February, with a maximum price of $10,736.0895 and a minimum price of $7,935.3705. Below are the rest of the predictions for all the days in February.

2020 February 02, Sunday 8998.435 7648.66975 10348.20025
2020 February 03, Monday 9143.904 7772.3184 10515.4896
2020 February 04, Tuesday 9109.356 7742.9526 10475.7594
2020 February 05, Wednesday 8745.861 7433.98185 10057.74015
2020 February 06, Thursday 8418.737 7155.92645 9681.54755
2020 February 07, Friday 8760.730 7446.6205 10074.8395
2020 February 08, Saturday 8954.899 7611.66415 10298.13385
2020 February 09, Sunday 9013.221 7661.23785 10365.20415
2020 February 10, Monday 9170.109 7794.59265 10545.62535
2020 February 11, Tuesday 9050.587 7692.99895 10408.17505
2020 February 12, Wednesday 9174.523 7798.34455 10550.70145
2020 February 13, Thursday 9150.036 7777.5306 10522.5414
2020 February 14, Friday 9266.521 7876.54285 10656.49915
2020 February 15, Saturday 9584.428 8146.7638 11022.0922
2020 February 16, Sunday 9656.527 8208.04795 11105.00605
2020 February 17, Monday 9912.966 8426.0211 11399.9109
2020 February 18, Tuesday 10030.44 8525.874 11535.006
2020 February 19, Wednesday 10117.05 8599.4925 11634.6075
2020 February 20, Thursday 10317.16 8769.586 11864.734
2020 February 21, Friday 10108.94 8592.599 11625.281
2020 February 22, Saturday 9991.483 8492.76055 11490.20545
2020 February 23, Sunday 9897.440 8412.824 11382.056
2020 February 24, Monday 9922.804 8434.3834 11411.2246
2020 February 25, Tuesday 9762.372 8298.0162 11226.7278
2020 February 26, Wednesday 9852.908 8374.9718 11330.8442
2020 February 27, Thursday 10044.57 8537.8845 11551.2555
2020 February 28, Friday 10062.49 8553.1165 11571.8635

The site expects BTC to close the month at an average price of $10,133.20, with the least possible price of $8,613.22, and the best possible price of $11,653.18.

Cryptorating

Cryptorating estimated that BTC would have a price of $9,498.53, with a change of 1.64% at the start of February. The site projects that BTC will close the month at $14,955.64, which signifies an increase of 60.03%.

Cryptoground

Cryptoground estimated that BTC would be trading at $9,704.9850 with an increase of 3.76% at the start of February, and expects the coin to close the month at $9,958.7250, with an increase of 6.47%.

30rates

30rates made a Bitcoin price prediction for every day of February (except weekends), with the minimum, maximum, and closing prices for each day.

  • February, 3: minimum price $8994, maximum $10348, and closing price $9671;
  • February, 4: minimum price $8933, maximum $10277, and closing price $9605;
  • February, 5: minimum price $9200, maximum $10586, and closing price $9893;
  • February, 6: minimum price $9627, maximum $11077, and closing price $10352;
  • February, 7: minimum price $10020, maximum $11528, and closing price $10774;
  • February, 10: minimum price $10027, maximum $11537, and closing price $10782;
  • February, 11: minimum price $9918, maximum $11410, and closing price $10664;
  • February, 12: minimum price $9635, maximum $11085, and closing price $10360;
  • February, 13: minimum price $9544, maximum $10980, and closing price $10262;
  • February, 14: minimum price $9659, maximum $11113, and closing price $10386;
  • February, 17: minimum price $9609, maximum $11055, and closing price $10332;
  • February, 18: minimum price $9293, maximum $10691, and closing price $9992;
  • February, 19: minimum price $9293, maximum $10693, and closing price $9993;
  • February, 20: minimum price $9594, maximum $11038, and closing price $10316;
  • February, 21: minimum price $9522, maximum $10956, and closing price $10239;
  • February, 24: minimum price $9493, maximum $10923, and closing price $10208;
  • February, 25: minimum price $10075, maximum $11591, and closing price $10833;
  • February, 26: minimum price $10221, maximum $11759, and closing price $10990;
  • February, 27: minimum price $10326, maximum $11880, and closing price $11103;
  • February, 28: minimum price $10204, maximum $11740, and closing price $10972.

Bitcoin Price Prediction: Verdict

With this, we conclude our Bitcoin price prediction for February 2020. We hope that the information we provided will be of help to you in your future BTC trading endeavors.

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