1 year ago
Analysis from the crypto fiscal services level Matrixport uncovered a Bitcoin Lunar New Year trading strategy that has worked each twelvemonth since 2015.
Twitter idiosyncratic @tier10k explained that buying Bitcoin connected Lunar New Year day, past selling 10 days later, has yielded an mean 9% instrumentality betwixt 2015 and 2022. Further, this strategy has a 100% deed complaint of affirmative returns to date.
The illustration beneath shows pursuing this strategy successful 2017 yielded the astir important return, astatine 15%. By contrast, 2018’s result, though a affirmative return, was comparatively negligible, paying backmost conscionable 1%.
Source: @tier10k connected Twitter.comIt remains to beryllium seen if this signifier volition clasp for 2023.
The Year of the Rabbit
The date of the Lunar New Year is determined by the 2nd caller satellite aft the wintertime solstice, meaning it varies from twelvemonth to year.
This year, the Year of the Rabbit began connected Jan. 22, kicking disconnected 15 days of celebrations that volition culminate with the Lantern Festival connected Feb. 5. Incidentally, the rabbit represents wealthiness and prosperity.
Bitcoin closed Jan. 22 priced astatine $22,700. If the Lunar New Year signifier holds for 2023, a 9% summation volition output a $2,043 terms summation by the extremity of Feb. 1.
Lunar New Year aside, the Gregorian New Year launched an encouraging tally of signifier for Bitcoin, signaling 38% gains year-to-date portion sparking statement connected the carnivore marketplace ending.
Since Jan. 21, Bitcoin has been moving successful a comparatively level pattern, with Lunar New Year signaling a 3.3% plaything successful terms to adjacent the time marginally down from Saturday’s closing price.
The station Year of the Rabbit could awesome a Bitcoin bull run appeared archetypal connected CryptoSlate.
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