bitcoin
btc
XRP
The price of bitcoin has risen to around $45,000 per bitcoin, dragging the rest of the cryptocurrency market, including ethereum, XRP, and solana, along with it in just a week. after Federal Reserve Chair Jerome Powell quietly prepared the cryptocurrency market for a major move.
Now, a closely watched analyst has identified a signal that hasn't failed bitcoin and cryptocurrency traders since 2015.
The historic Bitcoin halving that is expected to cause chaos in cryptocurrency prices is just around the corner! Register now for free CryptoCodex—A daily newsletter for traders, investors and those curious about cryptocurrencies that will keep you on the cutting edge of the market.
The price of bitcoin has soared around 200% since falling to lows of around $15,000 per bitcoin. ... [+]
fake images
"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 average return has been 11% over a two-week holding period." said Markus Thielen, head of research at 10x Research, in emailed comments.
The Chinese Lunar New Year falls on February 10, 2024, marking the start of the 15-day Spring Festival and the beginning of the year of the dragon.
"The weakest performance came in 2019, when bitcoin rose 3%, and the strongest was in 2021, when bitcoin rose 24%. But aside from those two 'outliers,' bitcoin rallies over the New Year Chinese were evenly distributed between 9% and 13%," Thielen wrote.
Thielen has predicted that the price of bitcoin will rise to $52,000 through March and then rise to around $70,000 by the end of the year.
Register now to CryptoCodex—A free daily newsletter for the crypto-curious
The price of bitcoin has skyrocketed over the past year, boosting the broader crypto market, including ... [+]
Forbes Digital Assets
Other bitcoin and cryptocurrency market watchers have pointed to an expected Federal Reserve interest rate cut, the launch of a fleet of U.S. spot bitcoin exchange-traded funds (ETFs), an investment exodus from China due to its market crisis and the imminent halving of bitcoin supply in April. cut as a driver of bitcoin price rally.
“It is clear that the cryptocurrency market is growing once again,” David Kemmerer, CEO of CoinLedger, said in emailed comments alongside research showing the average cryptocurrency investor earned nearly $900 in 2023, versus to an average loss of $7,000 in 2022.
"After the FTX collapse, the cryptocurrency ecosystem experienced a free fall in asset prices. This latest rally highlights the resilience of the industry."
