While Bitcoin continues its volatile movements within a certain range, analysts state that Bitcoin will continue its rise according to various indicators.
The latest prediction at this point came from analytics platform Matrixport.
Accordingly, Matrixport analysts said that Bitcoin has a chance of gaining over 80 percent during the Chinese New Year holidays.
Analysts sharing their updated analysis from the X account noted that Bitcoin (BTC) has made huge gains in 11 of the last 12 Chinese New Years and has an impressive 83% success rate.
Citing historical data, analysts said that BTC is likely to perform particularly well in the 20-day period that will begin on January 29 this year.
“Bitcoin has delivered positive returns during Chinese New Year in 11 of the last 12 years, achieving an impressive 83% success rate during this period.
From a technical perspective, daily reversal indicators reached oversold levels last week, suggesting potential support. However, weekly indicators still suggest that BTC may be overbought.
On the macroeconomic front, tightening liquidity and the hawkish stance of the US Fed continue to pose challenges for the market.
Despite these negativities, bullish catalysts like the upcoming US-based BTC reserve and the pro-crypto outlook of the new administration under Donald Trump could provide some much-needed balance.”
Analysts, who noted that they had uncovered this historical trend two years ago, emphasized it again this year, saying, “Both years, Bitcoin prices increased by 26% and 23% during these holiday periods, reinforcing the reliability of this seasonal trend.”
*This is not investment advice.
