• January has been a bearish month the year after the halving
• The $180k expectations later this cycle are in the realm of being realistically possible

Bitcoin [BTC] has struggled over the past two months, but this is not out of the ordinary. The psychological $100k-level was not an easy nut to crack. And, even when it looked like the bulls finally flipped it to support, the sellers found a way to send the price tumbling.

According to a post on X (formerly Twitter), BTC’s drawdown in January the year following the halving has usually been the norm. If the previous pattern holds, March could see Bitcoin trading near $130k.

Apart from historical price action data, the flow of BTC into and out of centralized exchanges also offers valuable insight into the behavior of market participants. Short-term holders exhibited a distribution phase recently, but their selling pressure is set to wane. This could aid the chances of a BTC’s recovery on the charts.

Price action, exchange netflow trends show bullishness ahead for Bitcoin