Coinspeaker
Chinese New Year Can Fuel Bitcoin Price Rally Further, Analysts Eye $51,000
The world’s largest cryptocurrency Bitcoin (BTC) has given a major breakout with over 7% gains in the last two days. At press time, the BTC price is 4.02% at $46,709 with a market cap of $916 billion.
Markus Thielen, head of research at Matrixport and founder of 10x Research, predicts that Bitcoin (BTC) is on course to reach $48,000 in the near future. His prediction stems from Bitcoin’s historical trend of posting significant gains during the Chinese New Year festivities. In his report from February 8, said:
“The next few days are of paramount statistical importance as bitcoin tends to rally by +11% around Chinese New Year, starting on February 10 (Saturday). During the last 9 years, Bitcoin has been up every time traders would have bought bitcoin 3 days before and sold it ten days after the start of the Chinese New Year.”
As mentioned, the BTC price has given a critical breakout above $4
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