Over the last three years, Bitcoin has dipped in January and then made a run in February. We are currently right around -12% for January 2018. Could we see the trend continue with a strong February?
Institutional investors seem to think so:
Hedge funds have swung their bitcoin-futures bets to the bullish side for the first time, a marked turn around from a few weeks ago, according to figures released on Friday….The most recent CFTC report showed leveraged funds with 1,142 long positions in bitcoin futures, more than double the 518 short positions they held.
After a dismal start to the year it seems like market sentiment is shifting to be more favorable to Bitcoin. It will be interesting to see how the drama unfolds in the upcoming month.