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For the ninth consecutive year, the price of Bitcoin went up during the Chinese New Year.
Prior to this year's Spring Festival, Matrixport released a report named Chinese New Year, a Buy Signal for Bitcoin. It pointed out that for the last eight years, if you buy Bitcoin at the end of the first day of Chinese New Year and sell it 10 days later, you'll get positive returns each time, with an average return ratio of as high as 9%.
In 2023, the theory takes effect again. But this time the return is not as good as before. At the end of the first day of Chinese New Year (January 23rd, 0:00 CST), Bitcoin was trading at $22,835. Ten days later, on February 2nd, 0:00 CST, the Bitcoin price was $22,991. It's only a 0.6% increase, which is the lowest return ratio in the last nine years. In 2018, the Bitcoin price went up by only 1% during the first ten days of Chinese New Year.
However, if you followed Matrixport's instructions to buy Bitcoin at the end of the first day of Chinese New Year this year, and could hold it for just a bit longer, the return would be much higher. On February 2nd at around 3:00 CST, the Bitcoin price started to climb up. At one point, it exceeded $24,000, which is the first time since last August. This price surge synchronized with the US Federal Reserve's announcement of a rate hike of 25 bps. Now, Bitcoin is trading at over $23,800, which would give you more than 4% in return.
Since the start of 2023, Bitcoin has increased over 40% in price. According to CoinDesk Indices, January 2023 is the 12th best performing month in Bitcoin's history.
Note: no financial advice is made by TokenInsight.
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