Matrixport knowledge exhibits bitcoin worth up by 9% over CNY

Matrixport’s new analysis report exhibits the worth of bitcoin (BTC) has gained over 9% on common throughout each Chinese language new 12 months (CNY) since 2015.

The researchers forecast respectable short-term positive factors for buyers who purchase bitcoin throughout this Chinese language new 12 months 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 worth of bitcoin (BTC), the world’s flagship cryptocurrency, has elevated throughout each Chinese language new 12 months occasion for the previous eight years.

In response to the report, which was authored by Markus Thielen, Head of Analysis at Matrixport, buyers who bought BTC on the finish of the primary day (Jan. 22) of this season’s Chinese language new 12 months and offered it precisely 10 days later (Feb. 1), would have made a good 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 buyers, respectively.

On the time of writing, the bitcoin worth is hovering across the $22,900 stage. Primarily based on the researchers’ predictions, BTC may surpass the $25,000 mark by Feb. 1, if historical past repeats itself.

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