Bitcoin (BTC) appears to be faring well, attempting to put behind the uncertainty that emanated from the renewed regulatory scrutiny on the crypto sector. Indeed, the uncertainty appeared to invalidate the 2023 gains, with the asset facing increased threats of retesting $20,000.
However, the flagship crypto is targeting to hold firmly above $25,000, a position that remains the center of attention ahead of the upcoming week of February 20-27th. Based on historical data and the asset’s recent price movement, investors can expect possible good fortunes for the asset in the coming days.
In particular, historical data shared by Bitcoin analyst by Twitter pseudonym StockmoneyL indicates that Bitcoin has likely formed a foundation for the next leg up. As per the analysis, Bitcoin has historically rallied after undergoing a capitulation stage.
The capitulation has occurred after recording a peak in its price. Between the two stages, Bitcoin has experienced ups and downs in its price trajectory. In this line, the 2022 bear market formed the last Bitcoin capitulation level, and the 2023 gains point at a possible rally.
