Bitcoin On Valentine’s Day: Will Historic Data Favor BTC Bulls?
Bitcoin managed to reach a record high price for the year as the latest cryptocurrencies news showed before and the run up to $10,000 occurred a lot sooner than we thought. This is why many news sources hinted at the possibility of the crypto market making a new run. But what’s interesting now is the situation of Bitcoin on Valentine’s Day and whether it is able to make new gains.
Some analysts believe that Valentine’s Day is a great time for BTC to reach a new all-time high or at least 2020 high. In the past, the most dominant coin performed well on this day. And while the Bitcoin news now show that the situation for the leading coin is good, some altcoins are suffering and others are still increasing.
The NEO coin news showed that the cryptocurrency fell by $1 in a correction – and the Stellar Lumens news paint a similar picture where XLM has lost its higher grounds and is now in the $0.080 zone (which is still good – read why).
Other coins like Bitcoin SV (BSV) and Ethereum Classic (ETC) are shedding a lot of their value today but analysts warn that these drops may be only temporary. The big picture shows that altcoins have continued the multi-week surge and even outperformed Bitcoin’s cumulative returns. Bitcoin on Valentine’s Day has lost 2% and now trades at $10,148 with a market cap of $184 billion and a lowered dominance at 61.9%.
Previous analysis has shown that particular days of the week are able to offer investors a chance to make abnormal returns, waking them up. Bitcoin on Valentine’s Day is one of those scenarios – throughout 2019, Fridays were the best days to buy Bitcoin for the highest daily return compared to other days.
Therefore, today is a good chance and opportunity for many to gain most from BTC as Valentine’s Day happens to also fall on the best day of the week for Bitcoin returns since 2019. Before reaching this conclusion, it would be good to make a brief analysis of how BTC is holding.
So, Bitcoin on Valentine’s Day is with a lower price. Even though since 2015 this day has been very positive for the coin, Ethereum (ETH) and Ripple (XRP), this year we are seeing a bad start. This might change as the day progresses and we might see bigger returns.
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