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<p><a href="https://bitcoinist.com/bitcoin-set-to-lead-a-new-crypto-surge-coinbase/" rel="nofollow">The flagship cryptocurrency, Bitcoin</a>, looks to be at a crossroads as it continues to trade flat, indecisive about whether to move <a href="https://bitcoinist.com/3-year-high-bitcoin-investor-sentiment-surges/" rel="nofollow">downward or upward</a>. Commenting on this current price action, crypto analyst Eric Krown Crypto reveals key factors that will decide Bitcoin’s next move.&nbsp;</p> 
<h2 id="bitcoin-in-outlier-land">Bitcoin In “Outlier Land”</h2> 
<p>In a <a href="https://www.youtube.com/watch?v=VQSa6WOP4yA&amp;t=2s" rel="nofollow">video</a> posted on his YouTube channel, Eric Krown used the <a href="https://bitcoinist.com/btc-price-predictions-35k-for-bitcoin-likely-according-to-a-specific-metric/" rel="nofollow">Stochastic indicator</a> to analyze Bitcoin’s current price and predict what direction the crypto token was likely headed. Based on his analysis, Krown noted that the current Stochastic level was pointing to a potential correction that was <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-not-bad/#:~:text=By%20US%20Government-,Crypto%20Expert%20Explains%20Why%20The%20Bitcoin%20Price%20Crash,Is%20Not%20A%20Bad%20Thing&amp;text=A%20crypto%20expert%20has%20explained,has%20achieved%20in%20recent%20times.">well overdue for Bitcoin</a>.&nbsp;</p> 
<p>The analyst claimed that a correction would likely see Bitcoin <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-2023-bull-run-new-target/">drop to the $30,000 range</a>, with him marking the $28,000 price level as the “worst-case scenario.” Meanwhile, he noted that the 5-day HPDR bands were still showing that the median was around $44,500. As such, he expects that BTC could still see a move to that price level or $45,000 in the short term.&nbsp;</p> 
<p>Krown believes that Bitcoin <a href="https://bitcoinist.com/why-the-bitcoin-price-recently-found-support-at-46k/" rel="nofollow">staying below $46,000</a> means that the correction is likely to come at some point, hinting that Bitcoin could end up closing February in the red. However, a move above $46,000 will validate a move to the upside, with the crypto token likely to rise above $50,000 and climb to as high as $53,000, the analyst claimed.&nbsp;</p> 
<h2 id="btc-to-follow-history-or-defy-expectations">BTC To Follow History Or Defy Expectations?&nbsp;</h2> 
<p>Krown also alluded to <a href="https://www.newsbtc.com/news/bitcoin/history-next-for-bitcoin/">historical data</a> to prove that Bitcoin’s monthly close in the red was imminent. He stated that Bitcoin usually averaged about three consecutive three months in the green before having a red month. The longest number of months in which Bitcoin has gone in the green is said to be seven.&nbsp;</p> 
<p>Therefore, he was suggesting that it wasn’t out of place for February to be a red month for the flagship crypto token, considering that it has ended every month in the green <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crosses-35000/">since September</a>. Those gains came largely due to the excitement over the potential approval of the <a href="https://www.newsbtc.com/breaking-news-ticker/breaking-sec-approves-all-11-spot-bitcoin-etfs-btc-price-holds-steady-at-46000/">Spot Bitcoin ETFs</a>.&nbsp;</p> 
<p>Bitcoin has recently continued to <a href="https://www.newsbtc.com/news/bitcoin/february-bullish-month-for-bitcoin/">defy expectations</a>, and there is the possibility that February could still end up being a bullish month for BTC. Interestingly, <a href="https://www.coinglass.com/today" rel="nofollow">data</a> from Coinglass shows that February (alongside October) is the most bullish month for the flagship crypto token, with Bitcoin closing February in the red on just two occasions.&nbsp;</p> 
<p>At the time of writing, Bitcoin is back above $43,000, up in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow">data</a> from CoinMarketCap.&nbsp;</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/KlsYWbOG/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1530"></p>

Bitcoin To $45,000 Or $30,000? Analyst Reveals Key Factor That Will Drive The Decision

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