February 2023 - Recap

Published: Mar 01, 2023 Est. read time: 1 minute

Another month has gone by in 2023 with the close of February. Bitcoin opened at $23,100 and we close around that too.
However, the price went as high as $25,200 and as low as $21,400.

I wrote in my January Recap that I expected Bitcoin to cool off for a bit and form a new range bouncing around $18k-$25k for the new few months at least and it seems I'm largely right.

What else has happened?

• Coinbase made a big announcement of their launch of Base. A new Ethereum layer 2 that is built on OP.
• SEC going after stable coins and staking
• Marco environment not looking as hopeful with inflation - the FOMC minutes released mid-month indicated that inflation may still be strong enough to consider stronger rate hikes in the upcoming FED.

What I'm expecting in March

Price wise

I expect to see this range hold for a while still and I would be surprised if we meaningfully break $25,000 for a while.

I also don't expect to break lower than $21,000 but $18,00 could surprise us - I do expect a bit of a boring period between $21-$25k but that isn't a bad thing for the markets. We've seen a few altcoins absolutely rip in February and I suspect if Bitcoin holds steady in this range we could see more action like this in March.

Not trying to make a case that Bitcoin could not break higher as there are a few bullish patterns forming which could see a rally if no new lower lows are formed. Some technical traders are very optimistic.

Other things to look out for

There could also be the Ethereum Shanghai upgrade this month.

Tweet me @CryptoHogo with your thoughts