Matrixport’s new analysis report reveals the value of bitcoin (BTC) has gained over 9% on common throughout each Chinese language new yr (CNY) since 2015.
The researchers forecast first rate short-term positive aspects for traders who purchase bitcoin throughout this Chinese language new yr if historical past repeats itself.
BTC worth set to rally?
In a analysis report entitled: “Chinese language New Yr, a Purchase Sign for Bitcoin,” Matrixport researchers element how the value of bitcoin (BTC), the world’s flagship cryptocurrency, has elevated throughout each Chinese language new yr occasion for the previous eight years.
In line with the report, which was authored by Markus Thielen, Head of Analysis at Matrixport, traders who bought BTC on the finish of the primary day (Jan. 22) of this season’s Chinese language new yr and bought it precisely 10 days later (Feb. 1), would have made an honest 9%+ on their BTC holding.
The researchers level out that the 10-day buying and selling interval after the Chinese language Lunar New Yr of 2017 returned a 15% revenue for merchants, whereas 2021 and 2016 returned 14% and 13% for traders, respectively.
On the time of writing, the bitcoin worth is hovering across the $22,900 degree. Primarily based on the researchers’ predictions, BTC might surpass the $25,000 mark by Feb. 1, if historical past repeats itself.
Read the full article here