Bitcoin Predictions for Chinese New Year 2023 and Free Calendar from ProEX

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Last Updated on January 8, 2023 by Bitfinsider

As we come closer to Chinese New Year in 2023, Bitcoin’s price is already showing signs of ups and downs that are likely to constantly swing throughout the month. According to analysis of historical data, the value of a bitcoin drops during the month that corresponds to the Chinese New Year. Having said that, it is common knowledge that the Lunar Calendar serves as the foundation for the Chinese New Year celebration. This is the reason why it is celebrated on a variety of days.

The Chinese New Year festival will take place on the 22nd of January this year, which is the year of the rabbit.

During this time, a large number of continuously operating services are usually closed, which results in increased volatility in the cryptocurrency market.

In the following sections, we will discuss the recent trends and falling prices of Bitcoin for various years since 2021, as well as the reasons behind them.

Bitcoin during Chinese New Year 2021

At the beginning of the Chinese new year, the Bitcoin market in 2021 seemed to behave a little bit differently. In the beginning of February, we saw a gradual and marginal increase in price. This increase was from $32,000 to $39,000 USD along with a massive 2-day rally that reached up to $48,000 as we approached the Chinese New Year that year.

However, in accordance with the general pattern, the price of bitcoins fell significantly after the festival although it was not as bad as it was prior to the years before. Eventually, the price settled in at around $46,200. After the festival, the gains and price rally that had occurred were not completely erased from the market.

Through research into the past, we have determined that the price of Bitcoin begins to drop not on the day of the Chinese New Year, as data commonly suggested, but rather several days before the actual date of the festival. Analysts in the year 2021 did not observe any trends prior to the festival that could have signaled a major sell-off for the cryptocurrency industry. The majority of coins presented a bullish appearance, and it was anticipated that this will continue for a few more weeks to come.

Bitcoin during Chinese New Year 2022

Overall, 2022 was a terrible year for the cryptocurrency industry as a whole. However, earlier that year, the Chinese New Year did not come close to having the same kind of dramatic impact on the price of bitcoin as it had in past years. In the days leading up to the festival, the price dropped from $41,000 to $37,000. After this, the price continued to move around quite a bit throughout the month of February, staying somewhere between $42,000 and $37,000 throughout the majority of the month.

How will Bitcoin behave in 2023 and how likely is it to be affected by the upcoming Chinese New Year?

Due to the events that took place in the cryptocurrency world at the end of 2022, it has sparked a discussion about what people can reasonably expect from bitcoin in 2023. Even though there are not many people actively speculating about how the Chinese New Year of 2023 will affect the price, the general consensus is that there are a number of other factors that will weigh in on the value of the coin much more than the festival itself.

The Santa Rally was supposed to have a significant impact on the markets during the last few weeks of December, but as things turned out, it did not have any significant impact at all. Instead, the markets were mostly stable during the holidays. Money among exchanges have seen minimal movement and has dropped to its lowest level in more than six months.

BTC withdrawals from exchange wallets have completely reversed the spike that began approximately six weeks ago. This comes after the FTX meltdown caused an overwhelming surge in BTC withdrawals from exchange wallets.

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