Summary
Bitcoin (BTC) has risen for a fifth day, crossing the $47,000 mark. This comes as East Asia celebrates the Chinese new year of the dragon, which is believed to be a lucky period. The cryptocurrency may reach $50,000 over the weekend and potentially even $53,000-$55,000 before its halving in April.
Key Points
1. Bitcoin rose for a fifth day, surpassing the $47,000 mark early Friday as the CoinDesk 20 Index (CD20) added 4%.
2. The Chinese new year of the dragon, which is believed to be one of the luckiest periods according to the Chinese Zodiac, has boosted the memetic value among crypto traders, as the word for dragon is pronounced similarly to “long” in Mandarin Chinese.
3. Some analysts predict that the cryptocurrency will rise to $50,000 over the weekend, while others have said it might even reach $53,000-$55,000 before the cryptocurrency’s halving in April.