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Matrixport data shows that Bitcoin is up 9% against the Chinese Yuan


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Matrixport’s new research report shows that the price of Bitcoin (BTC) has increased by more than 9% on average during every Chinese New Year (CNY) since 2015.

The researchers expect nice short-term gains for investors who buy bitcoin during the Chinese New Year if history repeats itself.

BTC price going up?

In a research report titled: “Chinese New Year, a Buy Signal for Bitcoin,” Matrix Port researchers explain how the price of Bitcoin (BTC), the world’s leading cryptocurrency, has increased during each Chinese New Year event over the past eight years.

According to the report, written by Markus Thielen, Head of Research at Matrixport, investors who bought BTC at the end of the first day (Jan. 22) of the Chinese New Year of the season and sold it exactly 10 days later (Feb. 1), would yield 9%+ on their BTC holdings.

The researchers note that the 10-day trading period after the 2017 Chinese Lunar New Year returned profits of 15% for traders, while 2021 and 2016 returned 14% and 13% for investors, respectively.

At the time of writing, bitcoin price is hovering around the $22,900 level. Based on the researchers’ predictions, BTC could pass the $25,000 mark by February 1, if the date repeats itself.

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