Bitcoin May Reach $48,000 in Days, Fuelled by Chinese New Year Quotes: 10x Research Founder

Bitcoin is set to rise to $48,000 in the short term, fuelled by a strong upward record during Chinese Lunar New Year celebrations, says Markus Thielen, head of research at Matrixport and founder of 10x Research. Markus Thielen wrote in the report, "The next few days are of extreme statistical significance as Bitcoin tends to rise by 11% around the Lunar New Year, starting on Saturday, 10 February. Over the past nine years, bitcoin has risen whenever traders buy bitcoin three days before the start of the Lunar New Year and sell bitcoin 10 days after the start of the Lunar New Year." Thielen described the breakout as "very important" as it marks the end of a correction period that saw BTC fall to $38,500 at the end of January, and will open the door to a short-term target of $48,000.