Average return for Lunar New Year is +11%
The crypto asset (virtual currency) Bitcoin (BTC) has recorded an average price increase of 11% around the Lunar New Year over the past nine years, suggesting it may reach $48,000 (7.16 million yen). ing.
Lunar New Year is a new year based on the Chinese lunar calendar. In 2024, it will be February 10th (Saturday).
Marcus Thielen, CEO of 10X Research, spoke on the 7th regarding Bitcoin's trends around the Lunar New Year.
If you adopt a strategy of buying 3 days before the start of Chinese New Year and selling 10 days after the New Year, the average return for 2 weeks of holding over the past 9 years is +11%, and the price has increased in all 9 attempts. rose. This strategy was successful last year as well, within 24 hours.
Thielen said the next day that Bitcoin could reach $48,000 in the short term and reach $52,000 (7.76 million yen) by mid-March. He also predicts that the stock will reach $70,000 (10 million yen) by the end of 2024, with the bull market peaking in 2025.
Related: Click here if you want to invest in Bitcoin (BTC)
to $52,000 during March
Thielen is the head of Matrixport Research and is known for successfully predicting the price drop that occurred after the Bitcoin ETF was approved. However, his predictions are not always accurate; for example, he predicted that Bitcoin would reach $50,000 in January, but then the price of Bitcoin fell due to the disapproval of spot ETFs. There is a history of recommending short positions because of the possibility of As such, Mr. Thielen's ultra-short-term market predictions are easily influenced by external factors, and investors need to interpret the information carefully.
connection:U.S. SEC disapproves Bitcoin spot ETF again? Matrixport releases new analysis
According to his post on the 8th, Bitcoin broke through the resistance level at $43,839. He then made more than $45,000. Thielen said the breakout marked the end of a correction period that saw the stock fall to $38,500 in late January, opening the door to a near-term target of $48,000.
According to Thielen's analysis, Bitcoin has undergone a price correction to $38,500, completing the fourth wave retracement, or price correction period, in Elliott wave theory.
After this correction, Bitcoin is now in the fifth wave, or final stage, of an uptrend that aims to increase its price. This fifth wave aims to reach $52,000 by mid-March. This stage is a propulsion wave for the market towards new highs, indicating that the price of Bitcoin may rise further.
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