New report by digital assets financial services platform matrixport reveals that buying bitcoin at the end of the first day of chinese new year and selling it 10 trading days later could have an average return of +9% over the last eight years (2015-2022). the report was conducted by markus thielen, head of research at matrixport.
the report found that the ten-day trading period after the lunar new year of 2017 was the most profitable in the past eight years, with a 15% gain over the festive period. the accumulated average bitcoin return for the ideal timing is around 15-19 days.
bitcoin has seen a 38% increase since the beginning of the year, with the price of the world’s largest cryptocurrency soaring from $16,520 on january 1 to $22,282 on saturday. some experts have warned of a possible bull trap that could lure inexperienced traders.
how did this happen? the report found that buying bitcoin at the end of the first day of chinese new year and selling it 10 trading days later would have returned +9%, on average, with all of the last eight years showing positive returns. this is likely due to the fact that china has been a major influence on bitcoin for many years, and the chinese new year is a time of increased activity in the cryptocurrency market.
