It's also worth remembering that even beyond news cycle price influence, Bitcoin has seen a few mid-January dips before, though 2017's Bitcoin behavior certainly broke from
any seasonal patterns of the past.
Not exact matches
In
past issues
of Seasonal Insights I have discussed the very odd behavior
of a variety
of instruments in the course
of the typical week: in issue 17 the topic were intra-week moves in S&P 500 Index, and in issue 18 the no less interesting intra-week
pattern in Bitcoin.
These
patterns can be discerned at a glance on a
seasonal chart, which is calculated by averaging the performance
of the stock over the
past 20 years.
University
of Washington oceanographers used clues from the Galapagos Islands — a dot in the middle
of the Pacific Ocean — to trace El Niño
patterns and
seasonal tropical rains over the
past 2,000 years.