Increased user interest in Bitcoin during the Chinese New Year celebrations could trigger a new round of price growth, as indicated by statistics.
In the past, in 11 cases out of 12 years Bitcoin increased significantly in price during the Chinese Spring Festival with an 83% probability. According to Matrixport, this seasonal pattern is considered one of the most reliable events in Bitcoin history.
Matrixport Company Report
According to statistics, Bitcoin has grown by 26% and 23% over the past two years respectively, and by more than 21% on average during the Spring Festival. This circumstance is closely related to the increased interest in the main cryptocurrency.
BTC technical indicators are currently giving mixed signals. Weekly indicators suggest that BTC is still overbought, while daily reversal indicators have reached oversold levels last week, indicating possible support.
Matrixport's report concludes by stating that Chinese New Year is a very important trigger in Bitcoin's seasonal fluctuations. Chinese New Year, which begins on January 29, is the most favorable 20-day period for Bitcoin and offers some good short-term investment opportunities.
