• Matrixport’s new research report shows the price of bitcoin (BTC) has increased over 9% on average during every Chinese new year (CNY) since 2015.
• The report, entitled “Chinese New Year, a Buy Signal for Bitcoin”, states that investors who purchased BTC at the end of the first day (Jan. 22) of this season’s Chinese new year and sold it exactly 10 days later (Feb. 1) would have made a decent 9%+ on their BTC holding.
• The bitcoin price is currently hovering around the $22,900 level, and if history repeats itself, BTC could surpass the $25,000 mark by Feb. 1.
Bitcoin has been on a steady rise over the past few years, and the recent research conducted by Matrixport has revealed that this trend is expected to continue during the Chinese New Year. According to the report, entitled “Chinese New Year, a Buy Signal for Bitcoin”, the price of bitcoin (BTC) has gained over 9% on average during every Chinese new year (CNY) since 2015. This indicates that investors who purchase BTC at the end of the first day (Jan. 22) of this season’s Chinese new year and sell it exactly 10 days later (Feb. 1) are likely to make a decent profit on their BTC holdings.
The report also notes that the 10-day trading period after the Chinese Lunar New Year of 2017 returned a 15% profit for traders, while 2021 and 2016 returned 14% and 13% for investors, respectively. The current bitcoin price is hovering around the $22,900 level, and if history repeats itself, BTC could surpass the $25,000 mark by Feb. 1.
This news has been welcomed by many investors who have been eagerly awaiting the start of the Chinese New Year, as they anticipate a significant increase in their BTC holdings. The strong growth in the cryptocurrency market has also been bolstered by institutional investors entering the space, who have been investing heavily in the asset class. This influx of money, along with the promise of future returns, has made bitcoin an attractive investment opportunity for many.
In addition to the potential for price appreciation, the blockchain technology that underpins bitcoin has also been making strides in the corporate world. Many companies have been utilizing the technology to improve their operations, and this has further strengthened the case for investing in the asset.
The coming weeks are sure to be interesting, as investors await the outcome of the Chinese New Year and the performance of their BTC holdings. With Bitcoin’s price continuing to rise, and the increasing acceptance of the asset as a legitimate form of investment, there is no telling how high the price may reach.