Chinese Luna New Year falls on February 10 in 2024, signalling the start of the 15-day Spring Festival and the beginning of the year of the dragon.

"The lowest return was in 2019, when bitcoin rose 3%, and the strongest was in 2021, when bitcoin rallied 24%. But besides those two ‘outliers,’ bitcoin rallies during Chinese New Year were evenly distributed at around 9% to 13%," Thielen wrote.

Thielen has predicted the bitcoin price will climb to $52,000 through March and then surge to around $70,000 by the end of the year.