What will happen in March after Bitcoin breaks through $60,000?
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What will happen in March after Bitcoin breaks through $60,000?
Although March might turn out to be a red month for BTC, its strong performance in February could serve as a cushion, making it easier for BTC's price to land.
Navigating Web3 tides with focused insightsSource: Bitcoinist
Compiled by: Blockchain Knight
As BTC price rose past $60,000 over the past day, February has become a bullish month for BTC.
According to data from Coinglass, February is the second most profitable month in BTC history.
BTC's performance in February has been highly successful, marking one of the best Februaries for this crypto asset in over a decade.
Data from Coinglass shows that BTC price increased approximately 39% this month. Compared with BTC’s historical performance during the same month over the past 10 years, this month’s rise of around 39% stands out significantly.
February 2013 still holds the record for the highest monthly return, at 61.77%. After that, February 2021 achieved a monthly return of 36.78%, ranking second until now surpassed by February 2024.
However, finishing February in the green is not unusual, as this month has historically closed green more often than red since BTC’s inception.
Looking back at historical years when February closed green, we can gain insights into where BTC price might head next.
Tracing back to 2013, the strong performance in February carried over into March, making March's performance far exceed that of February.
March 2013 delivered an impressive return of 172.76%, and BTC continued its remarkable performance throughout that year.
Likewise, in 2021, after February ended with high returns, the momentum carried into March, which concluded with a 20.84% return.
Based on trends from these two instances—both months ending with strong gains—it may signal that a bull market rebound could continue from here.
While BTC finished February with strong gains and March also appears bullish, this pattern does not always hold true.
For example, from 2015 to 2019, each February closed green. However, only in 2019 did March continue the upward trend; in all other years, BTC prices declined to varying degrees in March.
Still, February's performance seems to influence March's outcome. Among months that ended lower, the trend suggests the better BTC performs in February, the better it tends to perform in March.
From 2015 to 2017, February ended with an average gain of +20%, and the following March saw maximum declines of only 9%. However, when February 2018 barely edged up by 0.47%, BTC plunged 32.85% in March.
Therefore, while March could potentially be a red month for BTC, its strong performance in February may act as a buffer, allowing BTC prices to land more gently.
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