Traders Hope For 'Year Of The Dragon' As Bitcoin Flats!

The Year of the Dragon usually begins in East Asia. That means this year usually starts in China and it will start in few days. It is generally considered by the Chinese people to be one of the luckiest days of their zodiac and also the dragon animal is considered very lucky. East Asian countries celebrate New Year by counting the last working day before the lunar month and it is declared as a holiday. They consider this day very auspicious. So many Chinese crypto investors and market experts consider this day auspicious and are very hopeful that this day or New Year will bring good luck in the future.

Bitcoin (BTC) has traded flat above $42,000 so far. After the Spot Bitcoin ETF was approved on the 10th of last month, it was expected that its price would rise. But it was seen that after the Bitcoin ETF was approved, the price of BTC fell. This price is still very low. Also we know this year is the year of bitcoin halving. Although the price of Bitcoin is higher than before, the altcoin season has not yet fully started. Therefore, Chinese market experts believe that the Year of the Dragon will bring good luck to the digital currency market.

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We have seen many disappointing results in the market in 2022. Especially at that time the prices of all the coins in the market were very low. Last year, a Hong Kong-based brokerage firm made a prediction and they claimed that in the 2023 market we will see price fluctuations of various coins. Which they cite as a reason for a calm outlook for the Year of the Rabbit. They also offered some advice for investors and advised them to venture outside their comfort zones with caution. However in 2023 compared to 2022 we have seen some price rise of coins in the market. And while the price of Bitcoin is low, it is currently up about 94% and Ether (ETH) is up 47%.

But an important point is that while the price of Bitcoin has increased by 94%, there has been very little growth in Ether in the last year. We have seen a year-over-year price increase of only 47%. Since it has seen a low price increase, many market analysts or experts believe that it will increase well in the coming days on the occasion of the New Year. Bollywood market analysts are quite confident that the Year of the Dragon will open new doors for Ethereum. Moreover, we know that spot Ethereum ETFs are likely to be approved in the future. Hence, with the expected impact of ETFs, their prices are expected to rise. Moreover, another important point here is that Ethereum is on track to achieve lower gas fees and faster transactions with the long-awaited Denkun upgrade.

Bitcoin's halving shows a lot of potential for price growth this year and next. And it also looks promising for lower inflation-driven prices. But an important point here is that inflation is still under control. However, the current crypto market is experiencing a sell-off effect. Because so many bitcoins were sold we saw a sudden price trend. The Year of the Dragon is on track to be one of the best performing yet with inflation still under control. One reason to consider the Year of the Dragon particularly lucky is the bitcoin halving. Because the Bitcoin halving will take place later this year. In terms of traditional finance, CLSA has made a prediction in a recent report focusing on the future crypto market. They claimed that the city's equity markets would bounce back in the second half of the year.

But it is normal that there will be instability in the market. But it is also expected to overcome that instability and bring some good results. So experts think that no matter how much the market moves up, good things will happen to them in this year of the dragon. So they are optimistic about this market. However, one of the reasons behind the optimism is that the Bitcoin halving period is very close. However, we also want the market to recover and be good for everyone. You can read this news for details about this.