– Matrixport’s new research report indicates that the price of bitcoin (BTC) has increased by over 9% on average during each Chinese New Year (CNY) since 2015.
– According to the research report, 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) could make a decent 9%+ on their BTC holding.
– At the time of writing, the bitcoin price is hovering around the $22,900 level and is predicted to surpass the $25,000 mark by Feb. 1 if history repeats itself.
Matrixport, a research company, has released a report that indicates that the price of bitcoin (BTC) has increased by over 9% on average during each Chinese New Year (CNY) since 2015. The report, which was authored by Marcus Thielen, Head of Research at Matrixport, outlines how 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) could make a decent 9%+ on their BTC holding.
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. At the time of writing, the bitcoin price is hovering around the $22,900 level and is predicted to surpass the $25,000 mark by Feb. 1 if history repeats itself.
The researchers believe that the increase in bitcoin price during Chinese New Year is due to the increased adoption of cryptocurrency in China, which is the world’s biggest cryptocurrency market. With more people in China investing in cryptocurrency, demand for bitcoin increases and subsequently drives up the price.
Additionally, Chinese New Year is considered a time of celebration and abundance, which may lead to people having more disposable income to invest in bitcoin. This could also be a contributing factor to the increase in the price of bitcoin during this time.
Overall, Matrixport’s research report indicates that the price of bitcoin is likely to increase during the Chinese New Year and that investors who take advantage of this could make a decent profit. With the bitcoin price currently hovering around the $22,900 level, it is possible that the price could surpass the $25,000 mark by Feb. 1 if history repeats itself.
