Bitcoin Rise in Dragon New Year
The dragon is a being beyond time, adorned with fire and wisdom, rising from the depths of the sky. Symbol of luck, power and wealth in Asian culture; a mystical force that twists and dances beneath the stars. Each new year represents the rebirth of the dragon and the flourishing of beginnings and hopes. It is a celebration of cycles and renewal, attuned to the rhythm of the universe.
Analysts think that crypto asset markets will also rise in the Dragon New Year, with the flow of luck and abundance.
According to Markus Thielen, head of research at Matrixport and founder of 10X Research, over the past 9 years, when bitcoin was bought three days before the start of the Chinese New Year and sold ten days after its start, it gained an average of 11% in value each time. This period is seen as a statistically significant time period for bitcoin.
From a longer-term perspective, Thielen predicts further upside for bitcoin based on Elliott Wave Theory. According to this theory, price movements develop in repeating wave patterns, and it is stated that bitcoin has completed its fourth wave correction with its decline to $ 38,500 and is now entering the fifth and final upward wave, a trend that will take bitcoin to $ 52,000 by mid-March.
Thielen predicts that the overall bull market will continue into next year and peak sometime between April and September 2025. In an earlier report, it had set a price target of $70,000 for bitcoin by the end of the year, citing a supportive macroeconomic environment, monetary headwinds, the US election cycle and rising demand from traditional financial investors.
Binance CEO Richard Teng also touched upon Chinese New Year and the cryptocurrency market in his post dated February 9. “Bitcoin prices are expected to continue to rise under favorable conditions, including Bitcoin ETFs and the Bitcoin halving,” Teng said. “Let's wait and see what surprises the Year of the Dragon will bring to our cryptocurrencies.” He stated:
