Matrixport data shows bitcoin price up by 9% over CNY
Matrixport’s new research report shows the price of bitcoin (BTC) has gained over 9% on average during every Chinese new year (CNY) since 2015.
The researchers forecast decent short-term gains for investors who buy bitcoin during this Chinese new year if history repeats itself.
BTC price set to rally?
In a research report entitled: “Chinese New Year, a Buy Signal for Bitcoin,” Matrixport researchers detail how the price of bitcoin (BTC), the world’s flagship cryptocurrency, has increased during every Chinese new year event for the past eight years.
According to the report, which was authored by Markus Thielen, Head of Research at Matrixport, 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 researchers point out 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.
At the time of writing, the bitcoin price is hovering around the $22,900 level. Based on the researchers’ predictions, BTC could surpass the $25,000 mark by Feb. 1, if history repeats itself.
