Matrixport: Bitcoin may start to rise during the Chinese New Year
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Odaily Report: Matrixport's latest report shows that in the past 12 years, Bitcoin has achieved positive returns during the Chinese New Year period in 11 years, with an impressive 83% success rate (hit rate) statistically, proving the profitability during this period. As a network-driven currency, the price increase of Bitcoin is driven by the expansion of the user base - the more people understand and buy Bitcoin, the faster its price can rise. Few other events can match the impact of Chinese New Year in driving this network effect, making it a unique and important catalyst for Bitcoin's seasonal performance. Bitcoin is currently in a complex interaction of a series of opposing forces. Technically, the daily reversal indicator reached oversold levels last week, suggesting potential support, while the weekly indicators still indicate that Bitcoin remains overbought. On the macroeconomic front, adverse factors such as tightening liquidity and the hawkish stance of the Federal Reserve have brought negative news. At the same time, the expectation of the US establishing a Bitcoin reserve and the rise of the pro-cryptocurrency Trump administration provide bullish drivers. Since the FOMC meeting in December 2024, the minting of has stagnated, reflecting a reduction in fiat inflows, but the Bitcoin funding rate shows early signs of a recovery in trading activity. This tug-of-war dynamic has kept Bitcoin in a consolidation phase. However, with the start of the Chinese Lunar New Year on January 29, this period represents the most statistically favorable 20-day trading window for Bitcoin, which may provide ample opportunities for long positions. The statistical significance of this pattern of Bitcoin rallying during Chinese New Year is undeniable, making it one of the most consistent events in Bitcoin's history. We discovered this secret two years ago and reiterated it last year. During these two periods, Bitcoin prices rose +26% and +23% respectively, reinforcing the reliability of this seasonal trend.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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