Next week is Valentine’s Day – a day for romance, love, flowers… and crypto!? According to a new survey, some of the money put toward gifts this year might make its way into Bitcoin and altcoins. And if spending projections are accurate, this could mean more than $1.2 billion makes its way into the crypto market.
To celebrate the holiday and a potential rush of passion-fueled crypto FOMO, we’re also looking back at Bitcoin performance around each February 14th over the years to see if there is any heartfelt correlation.
$1.2 Billion Is Waiting To Enter Crypto This Hallmark Holiday
Champagne, boxes of chocolate, or roses are the most common of Valentine’s Day gifts. However, this year, crypto is also on lover’s lists of most wanted gifts.
A recent Self survey shows that one out of 25 Americans hope to get some crypto as a gift this year. That means that roughly 4% of all Valentine’s Day gifts could end up being coins of some kind. The average person also plans to spend an average of $113.25 (you high roller, you) on their significant other.
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The math adds up to roughly $1.2 billion that could make its way into the crypto market through Bitcoin, Ethereum, or other assets.
We now know what we might be able to expect from this coming February 14th holiday, but how has Valentine’s Day performed for crypto investors throughout history?
A blood-pumping look at Bitcoin on Valentine's Day | Source: BTCUSD on TradingView.com
How Bitcoin Price Has Historically Performed On Valentine’s Day
The chart above shows the entire history of Bitcoin price action, with each Valentine’s Day marked clearly with a heart. Throughout Bitcoin’s lifecycle, February 14, 2022 is the 12th Valentine’s Day.
Most of the actual holidays themselves are green despite the red and pink colored themes. Of the previous eleven holidays, seven resulted in strong upside in the months to follow. Two of these holidays – in 2014 and again in 2018 – gave birth to a new bear market in the weeks to follow.
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The most recent Valentine’s Day in 2021 had new all-time highs follow, but nearly a year later, Bitcoin price is now below that level. It will be up to this year’s holiday to make up and keep the relationship steamy, otherwise investors might fall out of love with crypto.
The worst post-Valentine’s Day performance goes to none other than 2020, which was the precise peak ahead of the Black Thursday market collapse. Anyone receiving the gift of crypto on that date had their hearts surely broken.
After a string of red monthly candles, crypto could be a buy once again, making it one of the better gifts you could possibly give loved ones this year.
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Featured image from iStockPhoto, Charts from TradingView.com
