Bitcoin Price Loves Valentines Day as Historic Data Favors Bulls
Bitcoin (BTC) has reached a record-high price for the year, and as the run-up to $10,000 occurred, Weiss Crypto Rating updated the asset to an A-. Recent news has also hinted at the possibility of the crypto market making a new bull run, which some analysts believe could lead Bitcoins price to reach a new all-time high, as reported by Cointelegraph.
Meanwhile, altcoins have continued their multi-week surge, even outperforming Bitcoins cumulative returns since the start of the year and reconfirming the upward trend predicted by analysts.
Cryptocurrency market monthly overview. Source: Coin360
Previous analysis has shown that particular days of the week offer investors the chance to make abnormal returns based on these daily anomalies. Throughout 2019, for example, data showed that Friday was the best day to buy Bitcoin for the highest daily return compared to other days.
Thus, this upcoming Friday could present another opportunity for investors to purchase, as Valentines Day happens to also fall on the best day of the week for Bitcoin returns since 2019.
Before reaching this conclusion, however, it would be good to analyze how Bitcoin and top altcoins performed on Valentines Day since 2015.
Valentines Day returns since 2015
Since 2015, Valentines Day has been very positive for Bitcoin, as well as for Ether (ETH) and XRP. Every Valentine's Day, with the exception of 2019, has been positive in the case of Bitcoin — with the highest daily return of more than 9% occurring in 2018 and an average daily return of 4.73% over years.
Since 2015, a similar pattern can be observed with XRP on Valentines Day, with an average return of 3.28%. As with Bitcoin, the highest daily return through the years was also in 2018, with a 10.15% return — although it was also negative on Valentines Day in 2019. Interestingly, the correlation of the five Valentines Day returns since 2015 between Bitcoin and XRP is over 65%, thus the observed similar pattern.
On the other hand, Ether — only available since 2016 for this analysis — had its highest daily return in 2017 at 14.5%. Moreover, it presents an inconclusive behavior on Valentines Day because ETH had a negative return in 2016 and 2019. Nevertheless, Ethers average return on Valentines Day since 2016 is set at 3.92% — meaning that all three coins had average returns over 3%.