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What Does the Chinese New Year have in Store for Bitcoin Price this Time?

  • On Jan. 25, people will celebrate the Chinese New Year that will go on for 15 days

  • “Data indicates BTC does not underperform preceding the Chinese NY”, said economist and trader Alex Kruger

  • About a week before the big day, BTC price jumps to $9,000
The year of the Rat is almost upon us!
This year, the Lunar New Year, also known as the Chinese New Year or the Spring Festival falls on Saturday, Jan. 25. It will be followed by 15 days of celebrations marking the transitions from the year of the Pig to the year of the Rat.
As the new year approaches, “Some think the Chinese New Year may impact BTC negatively, as people sell bitcoin to purchase presents,” observes economist and trader Alex Kruger.
However, the data pains a completely different picture as Kruger notes, “Data indicates BTC does not underperform preceding the Chinese NY.”
The vast majority of the times preceding the Chinese New Year, Bitcoin returns have been positive. The best year was 2012 when BTC returns were positive throughout, as high as 16.4%.
Over the years the returns continued to decline but 2018, a bear market for cryptocurrencies, has been rather a good year with BTC returns as much as 4.2%, last seen in 2012 only.