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

BitcoinWho correctly predicted the fall of to $38,500? 10x Research CEO Markus Thielen He shared his near-term expectations about Bitcoin.

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

At this point in the last report Stating that the main obstacle to Bitcoin’s rise is the trend line at 43,839, the analyst said that if Bitcoin rises above this level, it can quickly rise to $48,000. defended.

“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!

Short-term price forecast for Bitcoin out of China Dragon New Year Thielen, who also analyzed the impact of the start of the process on the price, explained the strategy that should be done within two weeks.

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

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

“We are three days away from the start of Chinese New Year, and historically, when Bitcoin was bought three days before Chinese New Year and sold ten days later, it delivered 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, recently, Asian analysts were under the influence of the Dragon Year, which will begin soon. Ethereum (ETH) and BitcoinThey stated that they thought would perform well in 2024.

*This is not investment advice.