Bitcoin Has The Same Price Movement During Chinese New Year For 9 Years! Will It Repeat? Analyst Who Knows the Fall Announced!

Markus Thielen, CEO of 10x Research, who correctly predicted Bitcoin's decline to $ 38,500, shared his near-term expectations for Bitcoin.

Thielen, who recently stated that he expects Bitcoin to reach $ 70,000 by the end of 2024, said that BTC is ready to break for the rise.

At this point, the analyst, who stated in his last report that the main obstacle to Bitcoin's rise is the trend line at 43,839, argued that if Bitcoin rises above this level, it can quickly rise to $ 48,000.

“Bitcoin price does not move randomly. There is often a major trigger in determining the price, such as a policy decision or other significant event.

“A major event is coming in Bitcoin and we think this event will push BTC above 45,000 in the next few days.”

Chinese New Year Effect on Bitcoin!

Apart from his short-term price prediction for Bitcoin, Thielen also analyzed the impact of the start of the Dragon New Year in China on the price and explained the strategy that should be done within two weeks.

At this point, the analyst pointed out that there are three days left until the start of the Chinese New Year, and claimed that Bitcoin should be bought three days before the start of the Chinese New Year and sold ten days later.

Pointing to historical data here, Thielen stated that if Bitocin was bought three days before the Chinese New Year and sold ten days later, it made an average profit of 11% within a two-week period.

“There are three days left until the start of Chinese New Year, and historically, when Bitcoin was bought three days before Chinese New Year and sold ten days later, it generated an average return of 11% for a two-week holding period.”

🚀 #Bitcoin Returns Around Chinese New Year
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We are three days away from the start of the Chinese New Year, and historically, when Bitcoin was bought three days before and sold ten days after the Chinese New Year, the… pic.twitter.com/jztM0mccSb

— 10x Research (@10x_Research) February 7, 2024

As you may remember, Asian analysts recently stated that they thought Ethereum (ETH) and Bitcoin would perform well in 2024 due to the influence of the Dragon Year, which will start soon.

*This is not investment advice.