
Bitcoin's bullish new year
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$103,336.00
3.86%$2,365.63
21.39%$2.42
9.65%$638.91
4.05%$175.08
13.51%$0.999969
0.00%$0.210443
14.68%$0.802773
11.53%$0.263544
5.03%$2,346.75
20.61%$4.05
8.07%$103,473.00
3.94%$16.43
10.57%$23.88
13.97%$2,812.85
19.83%$0.305675
11.62%$0.00001556
15.72%$0.204921
10.17%$25.69
18.88%$416.41
0.18%$3.32
6.41%$8.75
-0.58%$0.999946
-0.00%$99.70
8.10%$4.72
10.92%$2,371.42
21.69%$302.95
2.36%$2,495.43
19.79%$0.00001294
41.65%$0.748458
20.71%$4.52
4.21%$0.99912
-0.36%$103,319.00
3.83%$1.001
0.15%$30.33
4.37%$6.42
23.04%$434.35
8.49%$5.77
13.06%$2.96
19.13%$1.044
12.84%$54.25
4.97%$212.00
12.57%$1.051
0.00%$19.37
12.08%$0.102081
7.05%$14.45
18.74%$1.00
0.00%$5.34
9.95%$0.104164
8.73%$22.11
3.27%$32.91
10.19%$5.05
10.89%$0.773653
5.86%$0.02999872
12.61%$0.258704
12.47%$0.86564
17.88%$0.380157
23.20%$4.93
12.80%$1.003
0.25%$103,061.00
3.51%$0.23916
13.06%$1.17
0.21%$3.05
10.85%$0.593655
9.18%$4.35
0.09%$2.92
11.14%$0.382734
15.41%$0.00002301
24.29%$4.56
7.98%$1.16
15.60%$0.533306
16.79%$0.999257
0.07%$0.977698
5.07%$1,752.64
8.10%$182.84
12.88%$2,369.51
21.34%$96.19
2.48%$11.17
3.16%$1.37
25.38%$2,464.58
21.44%$2.05
26.92%$0.859424
1.36%$0.01991436
2.51%$1.29
1.70%$4.65
15.73%$0.751456
19.14%$0.238747
12.70%$0.076772
2.33%$0.663604
12.62%$12.01
14.45%$103,172.00
3.62%$2,665.79
20.57%$1.001
0.03%$0.110969
13.41%$0.785429
7.64%$0.00010276
22.53%$0.01530906
9.14%$1.035
19.94%$226.74
13.97%$640.37
4.13%$0.01889197
13.09%$0.999035
-0.38%$194.61
14.13%$2,523.24
21.63%$0.890859
14.03%$0.999832
0.01%$3.00
11.33%$0.01957092
19.93%$14.79
0.98%$0.842075
15.71%$103,462.00
3.90%$3,333.20
-0.35%$41.38
6.76%$0.082561
32.14%$0.332628
14.04%$104,982.00
5.18%$102,532.00
3.73%$0.635319
4.39%$3,334.22
-0.45%$0.999932
-0.01%$0.24037
10.17%$0.00000078
8.32%$23.08
16.02%$4.18
8.45%$0.763777
19.97%$2,469.33
20.90%$2.32
8.28%$0.120677
5.43%$43.06
6.91%$0.435899
11.61%$2.04
18.63%$0.347878
10.90%$2,476.53
21.06%$0.622504
9.68%$0.997848
0.02%$3.97
11.82%$0.693294
18.38%$0.0188249
7.06%$1.001
0.38%$0.172223
18.46%$0.768069
13.03%$0.01042934
15.82%$1.11
0.98%$0.47745
11.11%$0.00608798
8.33%$0.177131
27.21%$8.27
11.76%$19.11
17.35%$0.210948
14.64%$0.682008
14.90%$110.98
0.01%$0.483876
7.45%$0.535888
11.58%$103,389.00
3.97%$1.48
12.65%$2,517.48
21.41%$2,371.46
21.73%$2,364.94
21.34%$0.627436
19.49%$0.19925
5.23%$1.002
0.39%$103,261.00
3.81%$2,344.70
20.20%$0.999993
0.01%$4.02
22.49%$0.066758
1.17%$2,380.72
19.27%$0.00002397
7.59%$101,231.00
4.40%$2.87
14.35%$6.56
10.30%$0.00879402
10.66%$0.999988
0.01%$1.65
5.06%$0.180296
11.71%$1.81
10.85%$0.088449
16.15%$0.097705
15.15%$0.0462396
10.83%$0.00634873
9.64%$0.00000044
4.95%$2,374.89
21.90%$0.654401
25.54%$103,952.00
4.96%$0.258754
12.47%$1.57
9.82%$1.019
1.83%$45.62
11.17%$1.086
0.03%$0.154582
0.08%$0.00000104
12.64%$0.364486
25.42%$2,335.40
20.58%$0.830609
17.62%$0.03784549
7.25%$0.00443661
7.84%$0.385316
5.94%$0.01922673
6.39%$0.388474
1.88%$0.00006705
10.24%$0.364247
15.30%$33.05
0.49%$0.178914
1.08%$1.002
0.21%$21.59
1.03%$0.849463
7.02%$0.999991
-0.05%$0.00347547
18.36%$131.88
14.02%$2,504.53
20.72%$1.40
-2.87%$0.748796
6.81%$23.87
13.95%$0.00000166
8.62%$1.21
34.71%$2.99
16.46%$103,284.00
3.78%$25.73
19.03%$1.001
-0.02%$0.26204
12.99%$2,598.86
21.37%$0.231047
15.03%$0.00364964
23.39%$0.999802
-0.02%$1.00
0.01%$3.85
16.82%$2,582.31
21.68%$0.532073
-5.12%$25.72
19.01%$0.0354913
4.59%$2,365.75
21.42%$3.63
9.11%$1.099
0.05%$2,544.89
21.21%$24.01
7.23%$17.65
10.22%$0.57691
7.16%$0.00386133
12.88%$1.00
0.02%$0.285907
8.48%$2,360.84
21.42%$3,326.63
-0.84%$0.276029
60.21%$0.809206
19.41%$0.03949119
7.55%$0.01403759
10.73%$0.117147
16.66%$2,075.89
3.91%Reading
Does an average 9% return on investment sound attractive?
As it turns out, this is exactly what the Chinese New Year has had in store for Bitcoin investors for the past eight years, according to a new report by digital assets financial services platform Matrixport.
“Buying Bitcoin at the end of the first day of Chinese New Year and selling it 10 trading days later would have returned +9%, on average, with all of the last eight years (2015-2022) showing positive returns,” Markus Thielen, head of research at Matrixport, wrote in a note.
According to Thielen, this means—if history is anything to go by—investors that bought Bitcoin on Sunday, January 22, and exit the position next Wednesday, February 1, could leave the trade with a 9% profit.
"China has been a major influence on Bitcoin for many years," Thielen told Decrypt. "When people get together, they talk."
As the chart above shows, the ten-day trading period after the Lunar New Year of 2017 was the most profitable in the past eight years, boasting 15% gains over the festive period, followed by 14% in 2021 and 13% in 2016.
“The accumulated average Bitcoin return for the ideal timing is around 15-19 days, as prices tended to rally by +12% when bought on the first day of the Chinese New Year and they peaked out around day 15-19,” added Thielen.
After the turmoil the crypto markets experienced in 2022, Bitcoin has defied the odds so far in January, with the price of the world’s largest cryptocurrency soaring about 38% since the beginning of the year.
Trading at $16,520 on January 1, BTC hit $23,282 on Saturday and is currently changing hands around $22,900, according to CoinGecko.
Should the pattern outlined by the Matrixport researcher continue, this would mean that—based on the 24-hour high of $22,948—by February 1 the price of Bitcoin could surpass $25,000.
Whether this scenario plays out in reality, remains to be seen, however, some experts, when speaking of the current rally, have already warned of a possible bull trap that could lure inexperienced traders.
The latest CoinShares report has meanwhile depicted quite a cautious approach investors showed last week towards Bitcoin investment products, with short positions dominating U.S. fund inflows by a large margin.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Zerebro creator Jeffy Yu, who supposedly committed suicide last weekend, has been found alive by a reporter at his mom and dad’s house. The 22-year-old dev was discovered Wednesday by the San Francisco Standard, which found him padding around in flip-flops. He was visibly shocked at being found. Yu claimed he had been “doxxed” and “harassed,” and lamented that his poor parents would now have to move house. “You can see the PTSD in my eyes, right?” he said, before telling the reporter to leave....
A slew of tech bros—including the richest man in the world, Elon Musk—have adopted Mog Coin’s crypto-famous branding, apparently leading the Ethereum and Base token to pump 51% on the week, per data from CoinGecko. Mog Coin (MOG) is a meme coin referencing the slang phrase “mogging” or “to mog,” a term that originated on controversial image board 4Chan in 2016, according to KnowYourMeme. Put simply, it means to dominate somebody or something, often via physical strength or good looks. However, t...
New York prosecutors tried and failed to solicit the Securities and Exchange Commission’s opinion on Ethereum to bolster their case against KuCoin in 2023, according to newly released SEC records acquired by Coinbase. The exchange is one of many private conversations unearthed by a Coinbase FOIA request, offering a glimpse at the behind-the-scenes politicking that has shaped U.S. authorities’ approach toward the crypto industry over the past few years. In an email dated June 2023, the New York A...